Deconstructing Charts: The warning signs BITCOIN gave us!!!
Today we've seen BTCUSD breakdown the neckline of the head and shoulders, fallen below 50 EMA on the 12 hour timeframe, pushing the price all the way down to $28800.00. But what now? We broke below all the previous significant support levels and fell below 32K range. Are we going further down or is the dump over? Well that remains to be seen, the bears have definitely taken control at least for the short term and have their eyes on 28K-26K level. However, if the bulls are able to maintain this area around 30K, they may be able to try and push the price back up to 33K-32K level.
As far as the RSI , we now are now well below the 50 level with room for a continued push down before getting to oversold range. Our MACD is now in complete bear territory and dropping.
We have to see how this next candle reacts with this support level and if we are able to sustain. Tomorrow morning I'll do another analysis to review our overnight price action.
As far as the RSI , we now are now well below the 50 level with room for a continued push down before getting to oversold range. Our MACD is now in complete bear territory and dropping.
We have to see how this next candle reacts with this support level and if we are able to sustain. Tomorrow morning I'll do another analysis to review our overnight price action.
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