Hello guys,
if we consider BTC price movement during the last week, in my opinion, we should be concerned about the immediate future. In fact, analyzing the daily chart it easy to see the pennat in which prices are closed in.
In the chart, descending highs are clearly identified as well as the supportive area. In this second case we can pointing out two different supportive level with different weight: the rising trend line, connetting the lows starting from the last days of June and the static area we find just below 6000 USD, the area between 5850 USD and 5950 USD. The first supportive area is less important than the second: in particular, if this second area would be broken we can see a deep further fall of BTC, with possible target to 5000 USD, with a first step in area 5400 USD.
Unfortunately indicators support this vision, especially on the daily time frame: instead, on shorter time frame, indicator can support temporarily prices.
Another negative thing is volume: is always strong only when price goes down.
To sum up:
if BTC breaks down 5850 USD----> T1 5400 USD ----> T2 5000 USD
To reduce risk is possible to go short if price breaks down 6270 USD, the yesterday low.
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***
if we consider BTC price movement during the last week, in my opinion, we should be concerned about the immediate future. In fact, analyzing the daily chart it easy to see the pennat in which prices are closed in.
In the chart, descending highs are clearly identified as well as the supportive area. In this second case we can pointing out two different supportive level with different weight: the rising trend line, connetting the lows starting from the last days of June and the static area we find just below 6000 USD, the area between 5850 USD and 5950 USD. The first supportive area is less important than the second: in particular, if this second area would be broken we can see a deep further fall of BTC, with possible target to 5000 USD, with a first step in area 5400 USD.
Unfortunately indicators support this vision, especially on the daily time frame: instead, on shorter time frame, indicator can support temporarily prices.
Another negative thing is volume: is always strong only when price goes down.
To sum up:
if BTC breaks down 5850 USD----> T1 5400 USD ----> T2 5000 USD
To reduce risk is possible to go short if price breaks down 6270 USD, the yesterday low.
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***