BTC is drifting under an enormous downtrend channel. After trying many times to break above $9000, BTC is trading lower in the last 24h.
We can see a huge bullish divergence on the MACD and the divergence implies that a bottom could be forming around here even if the overall formations are still bearish. Volumes are continuing to drop which is normal during a bear flag consolidation.
Intraday, we could expect a drop to $6600 levels (78.6% of the meteoric rise from 3k to 20k) after a test of $9000 levels. In case of strong upwards momentum that seems unlikely, we could expect another test of $9000 levels and a continuation of the sideways movement for the day.
Away for the intraday setups, some sideways action is expected with critical levels above $6000 and $5800 on the downside and $9000 on the upside. In the case that there is a broader bearish sentiment, we could expect BTCUSD reaching $5000, levels seen before the meteoric rise to almost 20K.
We can see a huge bullish divergence on the MACD and the divergence implies that a bottom could be forming around here even if the overall formations are still bearish. Volumes are continuing to drop which is normal during a bear flag consolidation.
Intraday, we could expect a drop to $6600 levels (78.6% of the meteoric rise from 3k to 20k) after a test of $9000 levels. In case of strong upwards momentum that seems unlikely, we could expect another test of $9000 levels and a continuation of the sideways movement for the day.
Away for the intraday setups, some sideways action is expected with critical levels above $6000 and $5800 on the downside and $9000 on the upside. In the case that there is a broader bearish sentiment, we could expect BTCUSD reaching $5000, levels seen before the meteoric rise to almost 20K.