Probability to forms lower low structure
Here is the bitcoin's chart in the lower time frame which looks not so good right now. Price action and some of the indicators that I use show us a potential lower low to be formed in near future.
At current rate, the price is trending below the resistance trend line which previously became a broken support. This could be the phase 2 of break out strategy which is retesting the previous broken support as a resistance to confirm the major trend which I know it will be heading down in the future. A this phase 2, we have seen a type of rejection toward the resistance which we know it looks so ugly right now with a bearish rising wedge pattern.
From the RSI perspective, we can see the the RSI has succeeded to reclaim the neutral zone again after it has broken down to trend at the bearish zone. But still, the shape of this RSI is curving down which clearly is not my favorite to enter any long position.
For the targeted area if the price continues the lower low structure, I'll see the blue region as the golden pocket zone to be touched first. But during the high level of potential liquidation moves, I'll expect the $17000 too as potential liquidation zone to be touched.
At current rate, the price is trending below the resistance trend line which previously became a broken support. This could be the phase 2 of break out strategy which is retesting the previous broken support as a resistance to confirm the major trend which I know it will be heading down in the future. A this phase 2, we have seen a type of rejection toward the resistance which we know it looks so ugly right now with a bearish rising wedge pattern.
From the RSI perspective, we can see the the RSI has succeeded to reclaim the neutral zone again after it has broken down to trend at the bearish zone. But still, the shape of this RSI is curving down which clearly is not my favorite to enter any long position.
For the targeted area if the price continues the lower low structure, I'll see the blue region as the golden pocket zone to be touched first. But during the high level of potential liquidation moves, I'll expect the $17000 too as potential liquidation zone to be touched.
