BITCOIN Consolidation Bear Break Seeing Followthrough And Confirmation By Bears

in #bitcoin6 years ago

Screen Shot 2018-06-12 at 9.39.13 AM.png

Bitcoin was being supported by an uptrend line which prices were following exactly. This level recently broke a couple days ago on the Sunday blood bath and we saw a big almost maribuzu candle with confirming bear volume come in. Since we saw such volume and close below support, we then are looking for confirmation of the continued pullback which we are now seeing.

Bears let bulls rally as a fake out, and now it's looking like we will get technical indicators supporting this movement as well. All of the technicals on longer charts have are now looking to confirm this. Additionally, bear movement looks to confirm a longer trend.

We have drifted pretty far from the EMA's with that big pullback on Sunday, so it's actually highly probable and likely that we will see a move to the upside to test EMA resistance which would be seen at $7,100-$7,300 for BTC. This is a likely target to see on the upside.

happyTrading.png

Sort:  

Bears have really been in control here, I am a bit surprised really , I expected a bit more stability

You'd think. BTC tested a longer support today. A break means a test of the longer low at $5,873. Yikes. That breaks we are looking at the $5k level.

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70733.96
ETH 3563.16
USDT 1.00
SBD 4.76