Bitcoin Price Will Meet with Downtrend Line Coming from All Time High
After bearish trap of market maker, Bitcoin price went up fast and stays above mini uptrend line again. There was mini uptrend line on Bitcoin price chart and It was broken down a few days ago. Market maker did fake move as always he did.
Here you can see daily chart of Bitcoin. I circled the bearish trap. Bitcoin price will meet downtrend line coming from all time high. If we see a few daily green candles on Bitcoin price chart we will see this touch.
I don't think that Bitcoin can break up this downtrend line.
Here you can see the indicators on daily chart of Bitcoin. There is great bowl pattern on RSI Indicator. This is why I don't think that we will see all time high in Summer. Because RSI Indicator should touch the bottom of bowl pattern. We have seen same scenario on Bitcoin price chart.
MACD Indicator is still going down. It will go down under 0 level. There is downtrend line on Fisher Indicator. So, Bitcoin price may be under pressure until end of July.
When it completes bowl pattern, It will break up downtrend line on Fisher Indicator.
Even lots of investors and crypto influencers are waiting for all time high, I am watching out of market. It may be hard to break up all time high with this conditions.
We will see..
Posted Using INLEO
Bitcoin bounced back above its mini uptrend line after a bearish trap by market makers. The price now heads toward a key downtrend line from the all-time high. A few green candles could bring that retest soon.
But a breakout seems unlikely for now.
On the daily chart, RSI shows a bowl pattern that suggests a deeper dip may come before any serious rally. MACD is still heading down and might cross below zero. Fisher Indicator also shows a downtrend that could keep pressure on Bitcoin through July.
Once the bowl pattern is complete, things could turn bullish again. For now, I'm staying cautious. Breaking all-time highs this summer seems far-fetched under these conditions.