Dear People of TA!
Today i have taken some time to analyze BTC and noticed that even though we have some pretty nasty bearish momentum going down from 9.95k it seems like we are not full bearish yet. When we look at btc we can see that we have crossed the 50ema but are still hanging above the very important 1200ema. This ema acts as a major support and if the bulls can hold this level we can still see higher highs (HH) since as of now we have not formed a Lower high (LH) yet. If bears manage to break the 1200ema this is a very bearish sign and would be a nice entry to short with mandatory stop loss.
What i have also noticed is that BTC is currently bouncing on the support of the previous ascending pennant that had been formed about a week ago and is so far keeping bitcoin above the 9k which is also a important support key level. Next to that the RSI and stochastics are showing they are close to a reversal and might be enough to push BTC back to 9.5k and close at a 0.5 fibonacci. This means that if Bitcoin is able to get back up to 9,5k it's back in the uptrend channel.
It's also kind of obvious that the volume has been decreasing even though we see alot of momentum going down. It could mean that price want to go for a complex correction to that 9,5k and w'll have to see what happens from there!
This is for educational purpose only. I still learn myself everyday and i just want to share my knowledge with new players out there. Thankyou for reading my analysis and i hope you learn something from it!
Best regards,
Sem
Today i have taken some time to analyze BTC and noticed that even though we have some pretty nasty bearish momentum going down from 9.95k it seems like we are not full bearish yet. When we look at btc we can see that we have crossed the 50ema but are still hanging above the very important 1200ema. This ema acts as a major support and if the bulls can hold this level we can still see higher highs (HH) since as of now we have not formed a Lower high (LH) yet. If bears manage to break the 1200ema this is a very bearish sign and would be a nice entry to short with mandatory stop loss.
What i have also noticed is that BTC is currently bouncing on the support of the previous ascending pennant that had been formed about a week ago and is so far keeping bitcoin above the 9k which is also a important support key level. Next to that the RSI and stochastics are showing they are close to a reversal and might be enough to push BTC back to 9.5k and close at a 0.5 fibonacci. This means that if Bitcoin is able to get back up to 9,5k it's back in the uptrend channel.
It's also kind of obvious that the volume has been decreasing even though we see alot of momentum going down. It could mean that price want to go for a complex correction to that 9,5k and w'll have to see what happens from there!
This is for educational purpose only. I still learn myself everyday and i just want to share my knowledge with new players out there. Thankyou for reading my analysis and i hope you learn something from it!
Best regards,
Sem
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