Cryptocurrency
Trading Bitcoin: Daily 9 Tomorrow, Crash Incoming?
Daily 9 Tomorrow, Crash Incoming? On the daily chart above, Bitcoin is reaching a red 9 tomorrow. For the previous week, Bitcoin has made repeated doji candles which suggests the market is uninterested and indecisive. However, tomorrow we will reach a red 9 on the daily chart. As you can see on the chart above, […]
Daily 9 Tomorrow, Crash Incoming?
On the daily chart above, Bitcoin is reaching a red 9 tomorrow. For the previous week, Bitcoin has made repeated doji candles which suggests the market is uninterested and indecisive. However, tomorrow we will reach a red 9 on the daily chart. As you can see on the chart above, the last red 9 we reached proved to be catastrophic for the trend. Above all, we are leaning bearish going into tomorrow.
Weekly
On the weekly chart above, Bitcoin has price flipped to a green 1. However, if price closes below $6.8k by the end of the week, the candle will flip from a green 1 to a red 5, thus continuing the red countdown phase. A decline of this magnitude would likely continue the bearish trend down to the $6.3k support level.
Conclusion
While Bitcoin has broken below the key support level of $7.2k, not much has changed in terms of the macro trend. Bitcoin is still traveling in the downward parallel channel on the weekly chart. Until price can break above the descending trend line, the overall macro trend will remain bearish. Critical support stands at $7k, while resistance has now been established at $7.3k.