BTC down to 4400 and then 2200 ?
I really would like things to go up but the graphs are just not there.
BTC has been a bubble and it appears that the right side of the Eiffel tower has been forming since January.
We have to go back to 2012 data and look at things in log scale to find support.
I look at someone like Chris Kimble kimblechartingsolutions.com/tag/bitcoin/ and pay attention.
On trading view I use Bitstamp in BTCUSD, and draw the channels with (A) and (B) lines. A pennant has indeed formed (C lines) since the all time high and we are now breaking.
So far the break is on low volume. Looking at the WEEKLY, MACD are down and RSI is not yet oversold. So there is a ton of bearish signals here.
Bottom of the weekly Boiling band is around 4400 USD and bottom of the multi year channel is at 2200 USD.
So protect capital or short.
BTC has been a bubble and it appears that the right side of the Eiffel tower has been forming since January.
We have to go back to 2012 data and look at things in log scale to find support.
I look at someone like Chris Kimble kimblechartingsolutions.com/tag/bitcoin/ and pay attention.
On trading view I use Bitstamp in BTCUSD, and draw the channels with (A) and (B) lines. A pennant has indeed formed (C lines) since the all time high and we are now breaking.
So far the break is on low volume. Looking at the WEEKLY, MACD are down and RSI is not yet oversold. So there is a ton of bearish signals here.
Bottom of the weekly Boiling band is around 4400 USD and bottom of the multi year channel is at 2200 USD.
So protect capital or short.
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