BTC/USD 30 minute candles on the left chart, 6 hour candles on the right chart.
Yesterday Bitcoin broke down from the yellow lined flag it was trending in and it has been hitting my support targets ever since. The finish target for this bearish flag is around $6600.
Yesterdays news that Google is joining Facebook with a ban on cryptocurrency ads seems to have given Bitcoin the final push to break downwards: www.cnbc.com/amp/201...ptocurrency-ads.html
A few hours ago it stopped descending halfway at $7600, and has been flagging upward towards $8400. However it looks like bears are still in control. It looks like a prototype bearish flag (purple lines), waiting to break down to continue its downward path. The only indicator somewhat rooting for a reversal is the oversold RSI on the 1 day candles view, but that reversal might wait till it hits the lower 7000's or $6600 mark.
To recap I feel bearish right now, do know that the purple flag might still break upwards, so please Bitcoin do prove me wrong (as you have done several times before, BTC loves plot twists!).
You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
Yesterday Bitcoin broke down from the yellow lined flag it was trending in and it has been hitting my support targets ever since. The finish target for this bearish flag is around $6600.
Yesterdays news that Google is joining Facebook with a ban on cryptocurrency ads seems to have given Bitcoin the final push to break downwards: www.cnbc.com/amp/201...ptocurrency-ads.html
A few hours ago it stopped descending halfway at $7600, and has been flagging upward towards $8400. However it looks like bears are still in control. It looks like a prototype bearish flag (purple lines), waiting to break down to continue its downward path. The only indicator somewhat rooting for a reversal is the oversold RSI on the 1 day candles view, but that reversal might wait till it hits the lower 7000's or $6600 mark.
To recap I feel bearish right now, do know that the purple flag might still break upwards, so please Bitcoin do prove me wrong (as you have done several times before, BTC loves plot twists!).
You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
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I've posted an updated chart with fresh analysis on Bitcoin / USD, just click the chart below:
