BTC 0511
Bitcoin dropped and crossed 21MA. This can be an early sign for bearish trend. Estimated range 8k ~ 9k
NOTES:
- This is not financial advice so please do your own diligent before investing
- Never invest more than you can afford to lose
- Technical Analysis is not pure science
- Market is not something that can be predicted accurately because of the behaviors of investors
Theory:
Technical analysis employs models and trading rules based on price and volume transformations, such as the relative strength index, moving averages, regressions, inter-market and intra-market price correlations, business cycles, stock market cycles or, classically, through recognition of chart patterns.
In finance, technical analysis is an analysis methodology for forecasting the direction of prices through the study of past market data, primarily price and volume.
https://en.wikipedia.org/wiki/Technical_analysis
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I believe within 2-5 days, the upgoing trend will occur. This drop is like in November 2017 from $7700 USD to $5400 USD but after that remember the bounce and start of bullish market.
hopefully
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Thanks for sharing your thoughts.
YW
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