BTC broke down out of its bullish pennant. Looks to move lower.

Bitcoin broke down out of its bullish pennant it has been forming over the past few days. We can see it is now printing a possible bear flag on the hourly chart, and that indicates that we could see more downside.

6000-6200 remains a strong support area, so that might be an area of interest for reentry. I'm personally watching 6250 and 6150 as shown in the chart.

Happy trading!

--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.

Kommentera:

Additionally, we got a bearish MACD cross on the 4 hour, RSI is turning down, Momentum is shifting back to the sell-side, and the Stochastic is turning down.

Kommentera:

Bulls defended 6370 with some force. Forming an inverse H&S on the shorter time-frames, so we it could be enough to push us further to the upside. Our bull-pennant was invalidated, however, the bull-flag remains in play above 6370ish.