BITCOIN BEAR to test $30,000. Prepare your ...ahem....self.
Bitcoin has been in a sloppy rising channel for over a year.
It tried 4 times to break out of the channel recently and is now back testing the bottom of the channel.
If it closes below the channel on the daily, look for Bitcoin to fall to the support zone which is around $30,000. It's also the midline of a long term VWAP.
Selling volume is much stronger than buyers and MACD is taking a dive.
BTCUSD
BTCUSDT
It tried 4 times to break out of the channel recently and is now back testing the bottom of the channel.
If it closes below the channel on the daily, look for Bitcoin to fall to the support zone which is around $30,000. It's also the midline of a long term VWAP.
Selling volume is much stronger than buyers and MACD is taking a dive.
BTCUSD
BTCUSDT
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I just realized that I didn't post the correct chart. This one should add a little more clarity.
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You can see the daily candle bouncing and trying to stay inside the channel.
If it stays inside, look for it to test the top of the channel again.
However the MACD on the daily is trending down pretty hard so it will be fight to see which way it breaks for a few days until a massive move one way or the other pushes it.
You can see the daily candle bouncing and trying to stay inside the channel.
If it stays inside, look for it to test the top of the channel again.
However the MACD on the daily is trending down pretty hard so it will be fight to see which way it breaks for a few days until a massive move one way or the other pushes it.