Welcome to this updated analysis BTCUSD Let’s get right to it!
It will be interesting to see where this candle closes. I am expecting it to close below the black moving average. From there, I am expecting to see price create a head and shoulders pattern. we did get the golden cross, and we did get the spike up as we saw in 2015. Now, we need to see if the price will ultimately return to the downside here. Personally, I’m expecting TC to return to at least the 4200 range, and possibly even lower.
The upside is now becoming more and more limited, while the indicators are flashing sell signals, and showing signs of exhaustion this rally has been similar in percentage terms, and nearly identical in its movement. It is extremely unlikely that BTC would be able to surpass it without some potentially big failures on the way back up.
We can AVOID/STOP loss at 0.00005373
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