BTCUSD and the path ahead
BTCUSD is telling us a few different things right now and we are likely at a major turning point.
The current daily candle is right at the daily kijun/tenkan-sen, giving us a bearish signal if the price closes below them - but a bullish signal if we close above them. Yet we're still above a fairly thick bullish cloud, so it's rather early to say that the immediate trend has turned bearish .
We're also approaching the .618 fib level, which from past performance in the crypto bear market has been a solid tool to spot a major resistance.
IF we turn bearish here or at the .618 fib level, a H&S pattern will form and we will likely go down to test the 4200 horizontal support/resistance level. If that breaks there's the weekly 200ma at around 3.6k~ right now.
IF we remain bullish we will likely not break the 5800-6000 area, but if we do then that might be the end of the bear market.
The current daily candle is right at the daily kijun/tenkan-sen, giving us a bearish signal if the price closes below them - but a bullish signal if we close above them. Yet we're still above a fairly thick bullish cloud, so it's rather early to say that the immediate trend has turned bearish .
We're also approaching the .618 fib level, which from past performance in the crypto bear market has been a solid tool to spot a major resistance.
IF we turn bearish here or at the .618 fib level, a H&S pattern will form and we will likely go down to test the 4200 horizontal support/resistance level. If that breaks there's the weekly 200ma at around 3.6k~ right now.
IF we remain bullish we will likely not break the 5800-6000 area, but if we do then that might be the end of the bear market.
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