From some time we have a correction and very strong bearish sign, which is the death cross.
I am still bullish and think that we will bounce back up from 7000$ levels when this correction finally ends.
As we all see from the charts there is not much buying volume so will be very hard to break the trend/resistance line at 10200$ if we manage to get there at all.
Exactly on this trend line, we see EMA 200, which confirms how strong this resistance is and how hard it will be to break it. BTC will bounce back to 10000$ and go down again to 7800$ levels.
There is just no other way, taking into consideration all available data. Low buy volumes, death cross, the bearish trend from weeks and Trump talking trash about BTC.
The scariest is the Death Cross, because the last time when we had the opposite sign, which is the Golden Cross, BTC price shoot up from 5000$ to AYH at around 14.000$.
If one just buys on the Golden Cross and sell now on the Death cross, would make around 100% in profit. Don't mention to sell on AYH, which makes almost 300%.
As for now, I have never seen this two to be wrong.
Here is the hourly chart, where we can see how strong the resistance is, with the EMA 200 above.
If we look at RSI will see the best example of an asset in the bear market. RSI never breaks the 60 range and repeatedly is on the oversold level deep below 35.
Now RSI will go back up and exactly when the price will be nearing the resistance line, RSI will be at the highest range. This will be a very good signal to sell if there will be no buying pressure from the bulls.
On the four hour chart, we can see much better, how the Death Cross is nearing and this is the major bearish indicator and there will be another deep very soon.
StochRSI nearing to the overbought levels and this will be the time to short BTC again.
Still, I am long term bullish and think that after this correction BTC will go back up, much higher as AYH or even ATH. Corrections are good and give us an opportunity to buy cheap BTC again
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As I said before, I will start buying BTC again around 7000$ levels. I hope that this will be not too soon. Of course, I will closely monitor everything and adjust my decisions in real-time because is just impossible to predict the future precisely. Especially when it goes to such a volatile asset as BTC.
Always look at the positive side of things. We can short BTC, so there is not much drama when these corrections occur. A few years ago, when there was no possibility to short BTC, we all have to wait for the deeps to buyback. Today we can participate in the market non-stop and keep making good, profitable trades, even when the BTC price is falling.
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