BITCOIN MARKET STRIKES BACK

It really looks the market wants to strike back before a mayor move, if we look across multiple charts the 1W, 1D, 4HR and 1HR the overall pattern remains bearish but in the mid term or micro view its possible that another attempt to $9k may be in the works.

Coinpaprika Stats:

For now the weekly chart is showing signs of a possible Bear Flag formation as we can see the two pink lines, this bear flag may be the push to $9k and then fall down to even $6k that lines up perfectly with the 0.786 area on the FIB Retracement, if you have read my previous post or watch any of my videos this is nothing I havent said before, now moving into the daily and the shorter the time frame is where we see the potential target of $9k

Now moving into the 4 hour chart my thesis becomes stronger, with such low volume a scam wick is very easy to happen and move the price up to $9k for a couple of minutes and then drop back down to $8k or even create a cascade effect that may take Bitcoin to $6k, this no FUD this is just been realistic based on Bitcoin past performance under similar scenario, the only way I would become bullish is if Bitcoin start closing above $9k

Here the RSI and MACD

Dont you try to short right now because you will get REKT, it is true that the market is on a downtrend but with an RSI under 40 the most likely scenario is up within two or three weeks at the most, right now the market is boring but its extremely dangerous this times are basically playing Russian Roulette, Bitcoin is loaded and planing to move soon but its all about be prepare for the next move and consider probabilities based on what can happen next.

None of the information I have given is exactly whats going to happen next and I could be TOTALLY WRONG, Im only documenting my thoughts and moves through this market.

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