BTC 1D - 'W' - 'Zig Zag' Downtrend.
Zooming out we see BTC under 1D chart.
Trend is downslope. We can see two 'W' formations since the May 19 dip and a third 'W' is looking to be formed if the trend continues on its present path of downward. This is a slow bleeding of BTC and can play out this way for another couple of months, if we don't first see a sudden huge drop in price. But for now looking like a slow gradual downward in BTC price.
Since May 19 until now we are at about 70 days or so. On the left side we see how many days it took BTC to climb from around 18K level up to ATH of 60K. Nearly 122 days. So I think we still have some days to go for BTC to keep sliding downward and I don't see any sudden huge drop in price but just this steady zig zag downtrend. Reason I don't see a big drop in price is for consumer confidence. If they crash the market suddenly it could discourage new investors from getting into crypto so a slow bleeding method would be wise and allow time for new investors to analyse the market before they get in.
Another supporting fact for the continued downtrend: DEATH CROSS. We see here the death cross is certainly now in full play. The 50MA (yellow) is well under the 200MA (purple). Although most of the times this is a lagging indicator, the dip has already begun even before May 19 when it was a the tip of ATH ~60K, but like other death crosses, we have seen dips as big at around 70%-80%. Currently, since we jumped from 18K up to 60K, we can expect a dip or crash into between 25K - 15K level where it would bounce around for some months before climbing back up over 60K again.
If you a looking to trade long or short positions for now: Key ranges to keep in mind: Short around 36-37K, Long around 28-30K: for now as the downward trend goes. I would not recommend any trading between these highs and lows, way too volatile and the whales will eat you up easily. ***NOT FINANCIAL ADVICE***
Good luck.
Trend is downslope. We can see two 'W' formations since the May 19 dip and a third 'W' is looking to be formed if the trend continues on its present path of downward. This is a slow bleeding of BTC and can play out this way for another couple of months, if we don't first see a sudden huge drop in price. But for now looking like a slow gradual downward in BTC price.
Since May 19 until now we are at about 70 days or so. On the left side we see how many days it took BTC to climb from around 18K level up to ATH of 60K. Nearly 122 days. So I think we still have some days to go for BTC to keep sliding downward and I don't see any sudden huge drop in price but just this steady zig zag downtrend. Reason I don't see a big drop in price is for consumer confidence. If they crash the market suddenly it could discourage new investors from getting into crypto so a slow bleeding method would be wise and allow time for new investors to analyse the market before they get in.
Another supporting fact for the continued downtrend: DEATH CROSS. We see here the death cross is certainly now in full play. The 50MA (yellow) is well under the 200MA (purple). Although most of the times this is a lagging indicator, the dip has already begun even before May 19 when it was a the tip of ATH ~60K, but like other death crosses, we have seen dips as big at around 70%-80%. Currently, since we jumped from 18K up to 60K, we can expect a dip or crash into between 25K - 15K level where it would bounce around for some months before climbing back up over 60K again.
If you a looking to trade long or short positions for now: Key ranges to keep in mind: Short around 36-37K, Long around 28-30K: for now as the downward trend goes. I would not recommend any trading between these highs and lows, way too volatile and the whales will eat you up easily. ***NOT FINANCIAL ADVICE***
Good luck.
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