BTC 28K before 40K!?

15 jul 2021

Bitcoins following along its sideways path and we are almost at the end of this wedge/ pennant. It does look like we are going to slip out of the bottom of this pattern and i believe a pullback is coming before we have our next leg upwards. I think we are due for a pullback not for the fact that we have been shooting up in price but the technical fact that a lot of indicators are shorter term bearish. We see the EMA ribbons which i have talked about before are fully spread out bearish and is constantly pushing down on us with bearish momentum, and this type of indicator doesn't flip back and forth in the matter of a few days time it usually takes quite awhile like a few weeks or a months time, we gotta start to see the full flip to the bullish side before i could say we are definitely back into a bull market, theres just too much momentum on the bears side right now. Also the bollinger bands have been squeezing pretty hard on our candles and that always tells us that a big move is coming, the problem is it doesnt show any direction, but as we keep pushing closer and closer to that bottom band we risk having a significant fall riding the bottom band. i would say it is likely we see atleast 28K before pushing back up, we have a potential zone we could further fall to and thats 26.5K or the 0.6 FIB level. Finally the MACD is hanging on by a thread for the bulls we are any day or even minute about to see a bearish cross which i think is going to spark this pullback, unless somehow we reverse the MA's and the Blue starts heading back up, which personally i think is highly unlikely. Not financial advice just my opinion!