Is Bitcoin $6400 a New Higher Low?

in cryptocurrency •  2 months ago

Hi traders, we could make a new higher low.

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Bitcoin.

Bitcoin has been grinding for a coupe of days following this freak 10% dump from $7400 to $6300.

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So far $6400 has held steady and it's looking like we're producing a higher low on this rounding bottom.

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To add to this bearish possibility, the daily Stoch RSI is looking like it's forming a hidden bullish divergence:

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Finally, Bitcoin shorts are once again back in that "danger zone" which put them at the mercy of another squeeze:

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I believe that if Bitcoin can hold above $6400 until Monday we could see a bounce here or another short squeeze which would translate into another one of these weird inverted Bart Simpson patterns on the hourly.

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Both these scenarios (bounce or short squeeze) would, in my opinion, invalidate this massive bearish descending triangle and signal $6000 as the true bottom.

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However, one must remain cautious due to the bearish statistical significance of descending triangles, but the current set up could presents the possibility of a bullish (-ish) reversal or at least some consolidation.

Back to you traders, do you see a case for $6400 being another higher low?


Until next time,

FØx.


If you liked this article, make sure to show some love by up-voting or following yours truly. You can also follow me on Twitter at F0xSociety and join my Discord Community for daily live updates Monday to Friday.


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May the FØx be with you.


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To the question in your title, my Magic 8-Ball says:

It is decidedly so

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

Great technical explanation and view.

I try not to make any prevision now as itis never accurate.

The big question is: "When Stock market is going to crash, will cryptos hold? or follow Wall Street?"

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You reckon the stock market is going to crash, people have been crying wolf over this for years now.
Just my two cents but I can't see Bitcoin holding if equity crashes. Bitcoin is risky money and it'll be pulled out first.

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I reckon this is a troubled time. I think we are in for a bumpy ride until US Midterms at least...

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Interesting, you think there could be troubles if Democrats win the midterms?

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Nope, elections don’t matter imo.
Europe is slowing, lots of emerging economies are almost in negative territory (Turkey, SA, LATAM), China has debt and consumptions issues. US are holding the world economy... for now
But with all the trade wars, it could slow investment and en the cycle.

Posted using Partiko iOS

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Any thoughts on the euro? I heard many worry about Italy possibly becoming the new Greece...

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Not so worried about Italy. Economy is shitty and has always been over there.
I am more worried about the fight between eurosceptic (Hungary, Poland, Austria, Italy...) vs Pro-Europe (France and Germany).

Posted using Partiko iOS

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You reckon political in-fighting might destabilize the European economy?

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