Welcome to PipEze daily BTC report.
For almost 2 months now we can see BTC moving sideways. Those who considering shorting Bitcoin should be happy as descending triangle pattern is showing on the chart. According to technical analysis, this market formation showing future downtrend. Descending triangle is usually continuation patter but at this position on the chart it could mislead.
Luckily we have PipEze Price Movement Benchmark. 1D chart for a long time has been signalling decreasing selling power. Higher dips are not corresponding to constantly lower price. What’s more important, signal line (thin one) is moving up and trend line (thick one) is on a positive side of chart for a first time in the last 10 weeks. Green Buy area is tiny, which could mean that there are still not enough buyers on the market.
Quick look on 1H chart shows us potentially very strong Sell signal and incoming price drop during the day. Looks like descending triangle is correct. If signal line cross trend line downwards it will be confirmed Price-Down signal. For now, it looks like there is a good chance for quick short sell.
Any questions just drop us an message.
PipEze
For almost 2 months now we can see BTC moving sideways. Those who considering shorting Bitcoin should be happy as descending triangle pattern is showing on the chart. According to technical analysis, this market formation showing future downtrend. Descending triangle is usually continuation patter but at this position on the chart it could mislead.
Luckily we have PipEze Price Movement Benchmark. 1D chart for a long time has been signalling decreasing selling power. Higher dips are not corresponding to constantly lower price. What’s more important, signal line (thin one) is moving up and trend line (thick one) is on a positive side of chart for a first time in the last 10 weeks. Green Buy area is tiny, which could mean that there are still not enough buyers on the market.
Quick look on 1H chart shows us potentially very strong Sell signal and incoming price drop during the day. Looks like descending triangle is correct. If signal line cross trend line downwards it will be confirmed Price-Down signal. For now, it looks like there is a good chance for quick short sell.
Any questions just drop us an message.
PipEze