Let's keep this analysis clean and simple.
I won't be bullish on Bitcoin until it can break that descending blue line. You can see BTC getting squeezed and each drop is exponentially increasing.
RSI - Still showing bearish divergence, however, it is making higher lows.
MACD - Same story as RSI and making higher lows.
The biggest factor here is market sentiment. The market is still bear to neutral and leaning more in the bear camp without any positive news and etc.
There just isn't enough momentum I'm seeing on the indicator to suggest we can break through those resistance lines (EMA 200, 20, 50) in that order.
It seems more and more traders are siding that we could retest 6k again. Let's see how the market develops. Volume will be key here.
What are your ideas and thoughts on the market going forward?
BitcoinBobby
I won't be bullish on Bitcoin until it can break that descending blue line. You can see BTC getting squeezed and each drop is exponentially increasing.
RSI - Still showing bearish divergence, however, it is making higher lows.
MACD - Same story as RSI and making higher lows.
The biggest factor here is market sentiment. The market is still bear to neutral and leaning more in the bear camp without any positive news and etc.
There just isn't enough momentum I'm seeing on the indicator to suggest we can break through those resistance lines (EMA 200, 20, 50) in that order.
It seems more and more traders are siding that we could retest 6k again. Let's see how the market develops. Volume will be key here.
What are your ideas and thoughts on the market going forward?
BitcoinBobby