Given the multiple failure zone (red ellipse) of BTCUSD, particularly observed in the weekly chart (daily chart shown here), BTCUSD weakening as the days go by with lower prices and lower volumes. It was making a series of lower highs and lower lows and had been slowly breaking down below the 55EMA. Just failing a test to break back above the 55EMA, BTCUSD appears to be bearish from daily to weekly charts, although the weekly candlestick ends in a day and a half only.
There is a triangle pattern from the historical high to the low that followed, including the recent highs and lows (much clearer in the weekly chart). The recent attempt to break out which failed, also failed to break out of the triangle.
These are mounting indications that BTCUSD is due for downside movement, and projections put it about 7500 in mid-late August 2020, if the scenario plays out.
A massive volume spike concomitant with massive price surge would invalid the above scenario.
Tread carefully... volatility coming soon.
There is a triangle pattern from the historical high to the low that followed, including the recent highs and lows (much clearer in the weekly chart). The recent attempt to break out which failed, also failed to break out of the triangle.
These are mounting indications that BTCUSD is due for downside movement, and projections put it about 7500 in mid-late August 2020, if the scenario plays out.
A massive volume spike concomitant with massive price surge would invalid the above scenario.
Tread carefully... volatility coming soon.
