After explosive growth over the last few years, I think the time has finally come for a larger correction.
Here is why I think so:
1. The main bullish channel has been broken with the selloff that occurred early October and hasn't been able to break through the short term resistance for recovery. We could see another smaller ~10% run if the current support...
Are we near the bottom yet? Really, no one can say for sure. But we can use Technical Analysis to pick out the best bets!
In my previous BINANCE:BTCUSDT analysis, I pointed out that the accumulation phase could be over, or nearing completion.
Usually capitulation is a sign of people losing faith in the asset, and selling it at a loss. After capitulation,...
Ever since the initial BINANCE:BTCUSDT drops early this year, people have been consistently accumulating Bitcoin. Looking at the accumulation/distribution indicator (ADL), we can see a clear bullish ADL divergence. In simpler terms, the price is trending downwards, and the ADL is trending upwards. This leads me to believe that people are/were loading their...
Head & Shoulders + Bearish RSI Divergence + EMA as a resistance = all bearish signs for a continued downwards movement.
Target is 260-258 for the short term, and once there there will be a very important decision weather it will hold or not, or continue it's correction.
