Bitcoin always do the same, move fast for couple of days then stop suddenly and start move again but very slowly.
This pattern seems to be likely happen every now and then due to many reasons, we spoke about them many times before.
But today, the chart is supporting the collapse theory which we talked about many time – Bitcoin could hit $1400 sooner or later.
So what is new from Bitcoin candlestick chart perspective this time?
- Ability to create a double top – the red area in the chart below.
- RSI on 3 weeks move shows a rebound from buying to selling.
- MACD is losing the momentum of strength and starts to rebound on the daily indication.
- TRIX also supporting the selling positions.
So what will be the critical points which will consider bitcoin direction.
We mentioned many times, that Bitcoin need to break above 10500 in daily candlestick in order to start a new rally.
So, as long as 10500 is held; Bitcoin still has the possibility to go more down and break the bottom of $3200
Breaking below Simple Moving Average 365 will open the door for more selling opertunities