BTCUSD - Back below 5.000
Updated
I would like to share what I see regarding Bitcoin. I'm not trading it right now but my system is is still showing a sharp decline below 10.000 and below 5.000 in the following weeks.
Last week we finished printing a symmetric triangle what broke down yesterday.
The symmetric triangle is a continuation pattern , I highlighted the target price what is not funny at all.
21st May looked like we printed an ICL but if you check the RSI 5 you can see when we tagged the overbought territory price started to drop again . It means the ICL still ahead of us . The measured target from the pattern is showing 4353$.
100MA and 50MA crossed over and price had lost the 200 SMA.
While I see a lot of posts how Bitcoin will rally again this chart doesn't look bullish at all... I see a popped bubble what is going lower and lower in the ERA of inflation.
Last week we finished printing a symmetric triangle what broke down yesterday.
The symmetric triangle is a continuation pattern , I highlighted the target price what is not funny at all.
21st May looked like we printed an ICL but if you check the RSI 5 you can see when we tagged the overbought territory price started to drop again . It means the ICL still ahead of us . The measured target from the pattern is showing 4353$.
100MA and 50MA crossed over and price had lost the 200 SMA.
While I see a lot of posts how Bitcoin will rally again this chart doesn't look bullish at all... I see a popped bubble what is going lower and lower in the ERA of inflation.
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Clear symmetric triangle, clear breakdown.Note
As you can see the reaction of the bulls below we have a new crypto religion. They think this can go only up and anyone else who says it’s going down is Evil.We are going to break 30.000 soon.
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Triangle backtest.
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The trinagle formed into a range. 50 and 200 MA crossed over.
Soon 30.000 will be broken.
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The lowest close since 2021.01.27.
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We might never see 30,000 again
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Doesn’t look too good.
200MA and 100 MA, plus 200MA and 50MA also crossed over.
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After the false breakout above 65.000
Bitcoin fans are learning a hard lesson. It lost 25% of its value in 3 weeks .
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When the flag breaks we will probably break 31.500
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It seems 10.000 will come earlier than 100.000.Note
Free space to 4353$
Trade closed manually
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We are going to get a few weeks bounce from here.Note
Price will tag maybe break the 100SMA in this bounce.
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5000 coming closer and closer.
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