[Breaking News] Bitcoin Is Falling - Will We Get A Double Bottom?

in bitcoin •  3 months ago

Bitcoin is down 5% and we are now clearly below the bollinger band median. That is a weak sign. Could be time to store your trading capital in USDT if you want to ride this one out. Here is the 4 hour chart:

FireShot Capture 611 - BTCUSD_ 3685.00 ▼−4.89% - Unna_ - https___www.tradingview.com_chart_AxIWekrr_.png

Comment: As you can see, the median is pointing south and Bitcoin could potentially fall back to the 2800-2900 level. We did get support at 2980 but we just touched the top and in my opinion, that is not a solid foundation. A solid foundation would preferrably be around 2800.

We will see how this day will end but if we will close around 3600 that would be negative. On the other hand, if we close above 3800 that would be more encouraging. When I say close I mean UTC midnight, that is within 5 hours from now.

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If it closes right stab at $3700 then what? See that it did not raise above $4k for long bitcoin looks to fall more in the near future. Not good, not good...

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3700 would be slightly negative. The median is at 3950 so we want to get back there tomorrow if we were to close at 3700.

Good analysis and prediction. Nevertheless, it will rise again. It's just a temporary fall...

I am too little of a daytrader to really care about 5%, but i highly appreciate your analysis. 2900 seems a bit far fetched in my opinion, but time will show.

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