What goes up must come down (aftermath of a "failed" fork)
A picture is worth a thousand words...
If history repeats itself, maybe we'll see BTCUSD going down to the area marked with the red rectangle.
On the 4H chart, BTC is already touching the near-term uptrend that started on October 24th, and just 100 dollars away from the MA100. It it breaks those levels, a bigger fall seems likely.
Let's see what happens!
Not
The short-term trend line has been broken, but the MA100 level is showing some resistance around $ 6600 - $ 6650.
If we have another red candle closing below the MA100 on the 4H chart, the price might continue falling to the $ 6200 level (older uptrend) and then to $ 5800.
Not
$ 6380 @ 13:00 UTC. We are 19% down from the ATH.
Not
Chronicle of a fall foretold
Not
$ 5850 @ 5.50 UTC. We are more than $ 2000 down from the ATH (- 26%).
The price has fallen below the MA200 level, and it seems that the fall will continue as expected.
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