Bitcoin Weekly Analysis
BTC signalled a potential bearish Supertrend Ninja - Clean signal on the 6th of Dec. Price dumped 33% afterwards.
Currently price is moving to the weekly Orderblock (orange block). It is situated around 28,900 - 34,300 USDT. Please note that 28,900 is also the 0.618 Fibonacci level. Not bouncing here would be worrisome.
The Stoch RSI is in oversold levels, but it hasn't crossed up to the blue area yet. The RSI isn't heavily oversold. Another drop here is definitely possible. Also price is below the Ichimoku cloud, which is bearish. The only positive thing here is, I see a potential bullish divergence forming on the Constance Brown RSI .
BTC is likely to drop another leg or in the best case scenario move sideways.
Supports and Resistances are highlighted as grey blocks.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
Currently price is moving to the weekly Orderblock (orange block). It is situated around 28,900 - 34,300 USDT. Please note that 28,900 is also the 0.618 Fibonacci level. Not bouncing here would be worrisome.
The Stoch RSI is in oversold levels, but it hasn't crossed up to the blue area yet. The RSI isn't heavily oversold. Another drop here is definitely possible. Also price is below the Ichimoku cloud, which is bearish. The only positive thing here is, I see a potential bullish divergence forming on the Constance Brown RSI .
BTC is likely to drop another leg or in the best case scenario move sideways.
Supports and Resistances are highlighted as grey blocks.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
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