Hello guys,
I'm sharing my own technical analysis and price forecast for the coming weeks and what to expect from bitcoin. Well, we're seeing a major price correction after a parabolic movement and bitcoin still looks bearish to me for now. Kindly check the picture below which clearly shows what happened and what's more to come.
As we can see, after breaking down of the parabolic channel, price correction has taken place and we're yet to see a bottom from here. $10500 for now looks like a resistance and we can see further downside to the $5500-$6000 area if we don't get any good fundamentals. Although the RSI is close to oversold but there is still no sign of reversal.
If we draw a Fibonacci on the daily chart, we can see that there is already a 63% price correction done as of now but it has also broken down the fib 0.382 level and there's high possibility of testing the $6k area which is the 0.263 fib level.
I'm also uploading a very common picture that is know as "wall street cheat sheet" and surprisingly, bitcoin is moving very similar to this sheet. I don't guarantee that bitcoin is going to follow the same movement as given in the sheet but so far it has been doing it perfectly.
Please note that this analysis has been done on a daily time frame chart. Day traders can still trade and earn profits from the price movements on shorter time frames.
DISCLAIMER : THIS IS NOT A FINANCIAL ADVICE BUT THE BEST POSSIBLE PRICE FORECAST ACCORDING TO US. PLEASE DO YOUR OWN RESEARCH BEFORE TAKING ACTIONS.
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