BTC death cross on a weekly, good night fokls!
After a short squeeze one more time, bitcoin pumped into resistance and had major rejection yesterday, a huge shooting star reversal candlestick pattern. It run into the resistance level which start to form in summer 2022, BigRed, and 50 days MA which as I said in the last analysis won't be easy to break, even though FOMO is in the air. We have the first death cross on the weekly chart in bitcoin history which is very bearish. Only close and continuation above that area of resistance could save bitcoin holders but it is less likely.
Volume is weak showing there were no buyers at all. This price is not interesting for the institutional players, it is only interesting for Fomo retail traders.
It got rejected from 50 and 200 weeks MA which is bearish.
RSI is close to overbought territory and is at 56.
MACD histograms are bullish but both MACD and signal lines are below zero line, which could act as resistance.
Overall: BTC had a huge rejection yesterday. Showing there are very powerful resistance lines and areas. You don't see it daily, but when you turn the weekly chart then you can see why the hell was so strong a rejection from the 25000 level. Would not be surprised if we finished the week with a huge shooting star reversal candlestick pattern on bitcoin too, meaning it could close even in red territory.
However, nothing is yet over for bulls. If they arrive and start to buy, not talk on Twitter and youtube about why it should rise, and close above that resistance line then could be bullish. The issue is, retail traders are only talking on social media saying buy buy buy but they are not buying because they are in from 50k and now they think institutional investors will buy at this level from them. Nope, not a likely scenario.
It is more likely Bitcoin will retest lows and drop below where in panic mode big boy will start to buy.
Volume is weak showing there were no buyers at all. This price is not interesting for the institutional players, it is only interesting for Fomo retail traders.
It got rejected from 50 and 200 weeks MA which is bearish.
RSI is close to overbought territory and is at 56.
MACD histograms are bullish but both MACD and signal lines are below zero line, which could act as resistance.
Overall: BTC had a huge rejection yesterday. Showing there are very powerful resistance lines and areas. You don't see it daily, but when you turn the weekly chart then you can see why the hell was so strong a rejection from the 25000 level. Would not be surprised if we finished the week with a huge shooting star reversal candlestick pattern on bitcoin too, meaning it could close even in red territory.
However, nothing is yet over for bulls. If they arrive and start to buy, not talk on Twitter and youtube about why it should rise, and close above that resistance line then could be bullish. The issue is, retail traders are only talking on social media saying buy buy buy but they are not buying because they are in from 50k and now they think institutional investors will buy at this level from them. Nope, not a likely scenario.
It is more likely Bitcoin will retest lows and drop below where in panic mode big boy will start to buy.
Yorum:
When you check the chart on a 1-hour timeframe, you can see how Bitcoin had a strong rejection from the cross that was mentioned in my analysis. The question is whether Bitcoin has the power to finally break through this resistance and finish the week above it, or if the rejection will be too strong.
Consistency is the key of success....
