Correction Coming?
Or, maybe it's already started?
Please remember; I'm still a newb at TA, so this may prove to be 100% inaccurate. :-D
It seems the Bitcoin correction that I've been expecting is happening.
After touching close to $7500 (around $10,000 in CAD and AUD!) we've seen some pullback.
If what I've learned so far about chart patterns is correct - and it might not be - then a head and shoulders pattern (not the shampoo!) is forming at the moment.
This is said to be a "bearish" sign, meaning that further price drop could be on it's way:
As you can see from the daily chart here:
The RSI is still saying that BTC is overbought despite losing around $500 in price.
The MACD on that chart is also yet to go bearish, which will more than likely mean further downward movement.
But what do you think? Let me know down below!
Thanks for viewing!
P.S. For more experienced TA people on here, be sure to check out
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