Bitcoin, still trapped in a bearish trend
Key levels
Short term
Supports—> S1: 8600 & S2: 8000
Resistances—> R1: 9400 & R2: 10000
Medium term
Supports—> S3: 7400 & S4: 6800
Resistances—> R3: 11000 & R4: 12200
Potential scenario
During the last weeks, Bitcoin has been decreasing with a constant bearish micro trend, a downward trend with small ups and downs. Since the 37% pump that took place three weeks ago, BTC has yet to show signs of a bullish trend.
As we can see in the chart, the last pump made a long upper wick when it reached the orange trend line. A zone where the supply was very present and drove the price down. Now, the price is being supported at S1, which is a crucial zone for the future trend direction. If the price breaks S1 downwards, we can expect a continuation of the medium-term bearish trend that began back in June when the price reached $13,800. On the other hand, if the price breaks the orange line, the bearish trend could reverse.
TA comment
In the current scenario, the price can be about to make a decision about its future trend, we have selected the indicator DMI. The DMI measures the strength of the positive and negative trends to generate buy signals.
In this way, when the blue line (DMI+) crosses the orange line (DMI-) upwards, the DMI generates a buy signal. On the other hand, when the orange line crosses the blue line downwards, a sell signal will be sent.
With Cryptohopper, you can add more technical indicators to your strategy to filter out potential fake signals and customize your strategy in the way you prefer.
Pattern
As we have mentioned during the previous sections, the Bitcoin price has been steadily decreasing for over 2 weeks. Currently, it is hovering around S1, a zone where the price can either continue its way down or reverse back up. When the price tested S1, it performed an Abandoned Baby Bullish. It is a bearish reversal pattern represented by three candles. The first candle has a long body and upward movement. The middle one is a Doji, followed by a candle with long body and a downward movement.
If selected in your automated strategy, the Abandoned Baby Bullish signals a buy.
Short term
Supports—> S1: 8600 & S2: 8000
Resistances—> R1: 9400 & R2: 10000
Medium term
Supports—> S3: 7400 & S4: 6800
Resistances—> R3: 11000 & R4: 12200
Potential scenario
During the last weeks, Bitcoin has been decreasing with a constant bearish micro trend, a downward trend with small ups and downs. Since the 37% pump that took place three weeks ago, BTC has yet to show signs of a bullish trend.
As we can see in the chart, the last pump made a long upper wick when it reached the orange trend line. A zone where the supply was very present and drove the price down. Now, the price is being supported at S1, which is a crucial zone for the future trend direction. If the price breaks S1 downwards, we can expect a continuation of the medium-term bearish trend that began back in June when the price reached $13,800. On the other hand, if the price breaks the orange line, the bearish trend could reverse.
TA comment
In the current scenario, the price can be about to make a decision about its future trend, we have selected the indicator DMI. The DMI measures the strength of the positive and negative trends to generate buy signals.
In this way, when the blue line (DMI+) crosses the orange line (DMI-) upwards, the DMI generates a buy signal. On the other hand, when the orange line crosses the blue line downwards, a sell signal will be sent.
With Cryptohopper, you can add more technical indicators to your strategy to filter out potential fake signals and customize your strategy in the way you prefer.
Pattern
As we have mentioned during the previous sections, the Bitcoin price has been steadily decreasing for over 2 weeks. Currently, it is hovering around S1, a zone where the price can either continue its way down or reverse back up. When the price tested S1, it performed an Abandoned Baby Bullish. It is a bearish reversal pattern represented by three candles. The first candle has a long body and upward movement. The middle one is a Doji, followed by a candle with long body and a downward movement.
If selected in your automated strategy, the Abandoned Baby Bullish signals a buy.
The best cryptocurrency automated trading platform.
-Cryptohopper-
cryptohopper.com/
-Cryptohopper-
cryptohopper.com/
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