The Bitcoin bears are coming and here's why.
There are a lots of indicators that flagging that the next few months will continue to see a bear market
1. BTC is at the top of the asymmetrical triangle (printed from the 2020 High and Low) which is acting a resistance
2. Its currently held in a range between $8700 and $10000
3. Current price is almost touching the PSAR point below $9100
If the PSAR support is broken, the next target is the lower bound of the range at $8700
Once this support level is broken, its pretty much a free fall through the Fibonacci levels to the golden ratio, where it may find some support.
4. Fibonacci retracement suggests that a 0.618 retracement level at $6600 - $6500
5. The last 2 Renko blocks have wicks, this is a very bearish signal
The combination of all 5 of these elements suggests that we at least heading to $6600 - $6500
If BTC stays in the pattern, i don't see any Bull run starting at least until early 2021, where it might start from $7000.
There are a lots of indicators that flagging that the next few months will continue to see a bear market
1. BTC is at the top of the asymmetrical triangle (printed from the 2020 High and Low) which is acting a resistance
2. Its currently held in a range between $8700 and $10000
3. Current price is almost touching the PSAR point below $9100
If the PSAR support is broken, the next target is the lower bound of the range at $8700
Once this support level is broken, its pretty much a free fall through the Fibonacci levels to the golden ratio, where it may find some support.
4. Fibonacci retracement suggests that a 0.618 retracement level at $6600 - $6500
5. The last 2 Renko blocks have wicks, this is a very bearish signal
The combination of all 5 of these elements suggests that we at least heading to $6600 - $6500
If BTC stays in the pattern, i don't see any Bull run starting at least until early 2021, where it might start from $7000.