It's obvious BTC seems buyers seem to be struggling signaling string warning that the current market needs patience before buying.
The longer the buyers struggling the more the pattern form by them looks more like a Bear flag.
The weekly chart shows this week could possibly close as bearish engulfing yet another bad warning but I do not want to jump the gun and conclude what a candle that is yet to close will look like because experience had thought me patience is the only better confirmation.
But again what are the chances the bulls have you might ask, well from the chart we see that the bulls are back to the Support of the rising channel at 21160 but this same price is acting as a middle line or a. Control line between buyers and sellers in the consolidation box 9n the chart and this means that both bears and bulls have equal rights to that line and bears won't give it up easily neither will the bulls so I do expect a drag or a short pause. Though I do see a possible bounce on this Support from the buyers but there resistance at 22600 will become yet another challenge and if they make it 23200 will stop them but if they succeed then we can say 26k is still possible . What if the buyers fail at 22600? Then I see the bears matching for a second strong leg down to 18600 the last hope for the buyers and if they fail to protect this last SUPPORT I expect BTC to hit anywhere from 16k to 14k. I must warn that September is a month to watch out for a possible dump and November,. December and January is the months to watch out for the pump that will take BTC above 30k again.
Happy trading
The longer the buyers struggling the more the pattern form by them looks more like a Bear flag.
The weekly chart shows this week could possibly close as bearish engulfing yet another bad warning but I do not want to jump the gun and conclude what a candle that is yet to close will look like because experience had thought me patience is the only better confirmation.
But again what are the chances the bulls have you might ask, well from the chart we see that the bulls are back to the Support of the rising channel at 21160 but this same price is acting as a middle line or a. Control line between buyers and sellers in the consolidation box 9n the chart and this means that both bears and bulls have equal rights to that line and bears won't give it up easily neither will the bulls so I do expect a drag or a short pause. Though I do see a possible bounce on this Support from the buyers but there resistance at 22600 will become yet another challenge and if they make it 23200 will stop them but if they succeed then we can say 26k is still possible . What if the buyers fail at 22600? Then I see the bears matching for a second strong leg down to 18600 the last hope for the buyers and if they fail to protect this last SUPPORT I expect BTC to hit anywhere from 16k to 14k. I must warn that September is a month to watch out for a possible dump and November,. December and January is the months to watch out for the pump that will take BTC above 30k again.
Happy trading
