Bitcoin Market: Correction Incoming?

tradealert (60)in #cryptocurrency • 6 years ago (edited)

Hi traders, this bounce is showing some signs of exhaustion.

Here's why.

Bitcoin.

The road to $8200 might prove harder that expected...

Bitcoin is encountering some resistance at the 23,6% fib level:

The momentum indicator is showing signs of a massive bearish divergence:

And we're forming a bear flag on the daily:

So prudence is advised, wait for clear signs of accumulation to get into heavy positions:

Flat - Sideways - Boring - Price Action.

Trade Safe!

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6 years ago in #cryptocurrency by tradealert (60)

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stevewakeham332 (39) 6 years ago

The daily timeframe appears to be developing a strong bearish engulfing candle if price closes roughly where its currently trading. A bearish engulfing candle can often signal a trader/investor that the trend is about to change and that the bears are beginning to take control of the market again. If this candle is to close as an engulfing candle will will need to see strong price action and a close below the $7,600 level before entering the market to ride what could be the last wave down.

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$0.03

2 votes

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tradealert (60) 6 years ago (edited)

Thanks for the post @stevewakeham332 !That bearish candle has become a three-line strike.... very bearish, I think we're going to break below $7000 by the end of June, there is n new money coning into the market to support those high prices: