$BTC looks dangerously weak

17 Jun 2021

Hello dear padawans and fellow traders. I couldn't find a single indicator that would give me hope of a recovery from the recent drop. We are at support at the moment (~37k) but with the amount of bearish indicators on the chart I would be surprised if we don't revisit at least the 33-34k lows in the coming days. Notice that a bearish cross of the stochastic in overbought conditions has been a very reliable indicator of pullbacks (doesn't mean it has to happen again, but e need to stick to what we know until it is not valid anymore). We also have a looming death cross that consistently caused bear markets in the past when they happened after ATH. I am not saying that is what is going to happen here but ever since the weekly MACD started curling down and eventually crossed bearish I have been warning about a possible crash (pinned post on a different social media platform), which did happen already but may not be over. There is a lot of bullish bias on social media when it comes to BTC but we need to steer away from that and stick to the technicals. Based purely on technicals I find it very difficult that BTC wouldn't drop further, unless there is a miraculous injection of money the coming days (perhaps Saylor's 500M?).


Good luck and safe trades!

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***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***