Is Bitcoin Bearish Short-Term? BTC Price Technical Analysis

hi these mark mall coin buzz we're gonna take a look at Bitcoin today as we start kind of wrapping up the week a little bit and look at targets that we may be getting into even as soon as the weekend if not next week let's take a look at the charts all right let's start off on the Bitcoin USD four-hour chart and there's a couple things going on here first of all the black lines that are running across horizontally are just some support and resistance areas the boxes our range of support and resistance areas that we are in right now we are in this range where we found resistance at the top and we have found support back here at the bottom a couple things I want to point out right now is it does look like we have what might be a descending wedge now a descending wedge is typically a bullish pattern but as I get into the chart a little bit further you're gonna see that a little more bearish that I am bullish at this point in time so while this is a bullish pattern if we break out of this potentially do a nice move back up to the $11,000 range and then come back and find some support back here at the top of the box or in this range then I would become more bullish now to really convince me we would need to get above this high node this high while it's kind of a medium volume note at about $11,000 10:8 really for me to become more boys we haven't seen a really a higher high here we had a double top so we haven't seen a higher high reform since the beginning of this month and our point of control on the VP VR is at $8,700 now that's an important area because I'm going to be talking about that $8,700 range right in here this area that we can see in this red box now we're going to pull up the each of muku cloud this that's this red and green cloud that you see here it's added some moving averages in I'll just go ahead and pull off this these two lines here to try and clear it up a little bit for you and this is the first time that we've been significantly below the cloud since this whole move up you can see that we stayed above the cloud and here we came and touch the bottom and found support at the bottom of the cloud here and then continued to write it out now we've broken through and it looks as if we're starting to find resistance at the bottom of the cloud again a bearish sign for those of you that aren't familiar with the Ichi mukha cloud this is a very good first indicator to use once you get used to it you can study there's lots of YouTube videos on how to use it there's basically moving averages in here that are existent and we're gonna look at those in just a minute on the higher time frames this blue and red moving average it's running through you've got a projection cloud that's this cloud that's out here that are based upon moving averages as well but using a different formula to project forward so that's what you have going on there now there have been some people that are talking about a potential ascending triangle forming in this area and I guess I could see that but the problem that I have with this ascending triangle and people determining that that is a bullish ascending triangle is really an ascending triangle as a continuation pattern so since we're in a bearish trend I'm going to assume that there's a higher probability of this breaking to the downside than to the upside so we're on the 12 hour right now and I'm gonna pull up some moving averages here now this is the vamp projected for forecast six moving average indicator that he's put together that I believe it is free on tradingview so that's vamp 6ma forecast and also a very good Chartist and goes through a number of different indicators has been indicators that I found from him that I've tried I don't necessarily use them it just didn't work for me but his approach is very thorough so it tends to be lengthy but if you can spend the time you will learn a lot from him so look up chart vampire I think you'll learn a whole lot I don't have enough time in our videos to get through the detail that he does so I'd recommend checking him out so that's so this is his indicator and one of the things that he's added in here is a hundred and twenty eight exponential moving average that would be the green exponential moving average here which is a moving average of a lot of people don't use and it is you can see we're finding support on it right now we found it back here it tends to be a very accurate moving average versus maybe the hundred or some of the other traditional ones which is in here as well that's this gray moving average and what's significant right now in my mind is on the 50 we had support pretty much the whole way up here we pierce through it back here a little bit but basically found support on it all the way up until this point now and we are not only not finding support on that we've broken through the hundred EMA and we're at sitting at that 128 we really need to kind of maintain support there because if not then what's the possibility of dropping down to the 200 EMA which is this blue line that we see here well pretty high in my opinion because we also have a support box that we'd be looking for in this area as well right this prior kind of resistance that we had right around $8,700 down to about $8,600 that lines up we're not going to go look at it again today but that lines up very well with the CME futures gap that we have not filled yet and then if we really zoom out and go into the weekly which is a lot more information right when we get all excited on those five six percent bumps up and thinking that we're gonna get back out of this kind of bear trend that we've been in for about a month or so and this helps us to get things in perspective now we have broken through the top of that cloud not significantly on the weekly but we have broken through the top of the Jammu ku cloud if we just played to support on the weekly chart from an ancient buku standpoint we'd find that support again back in this eighty six eighty seven hundred dollar range CME futures gap is in there find support there and then come back up potentially break through there or look for support on the 21 period moving average this is the weekly moving average at 21 at about 8,000 the other thing that has me bearish is we had talked about this stuck a stochastic RSI crossing over to the negative and how that provided us with some pretty large dumps back in here in February's when we were talking about that and you can see that we had that crossover right significantly the last time we had it is when we had all these significant moves down additionally on the NV t this is an indicator specifically for Bitcoin it merges data from the blockchain transactions that are happening along with volume so it's been designed to give you kind of a perspective on what's going on from an activity standpoint on the blockchain and the volume that's going into the market there would be plenty of room we've broken through the moving average there'd be plenty of room to go down to support if we use this horizontal support line as our support area on this indicator 150 is overbought we're still in there right now under the trendline and 45 is the oversold which we are a far cry away from is the horizontal support is right in this area we've actually broken through so we'd have to have an uptick here a very strong uptick in the next five to seven days for that to get back above what could now become a resistance line for us as we've broken through this moving average so if we use the horizontal this lower support line as a potential target there's plenty of room to still move down on the weekly so to me a lot more bearish indications than there are bullish there are some other momentum pieces if you put them together to say that we are going to have a pretty volatile move here in the next couple days that could happen here tomorrow that could happen over the weekend or maybe it takes place the beginning of next week but we are compressing we're starting to compress here to get a volatile move and to me the look is more to the downside on that volatile movement to the upside here's the other thing that I'm pretty the other reason that I'm pretty bearish unless tether steps in I think we continue to the downside they haven't really printed anything of significance in about a week do they come back andrey prop up this market or are they in the distribution cycle right now hard to say now please remember I'm not a financial advisor okay I do this trading for myself and I share with you my perspective so that hopefully you can learn from it you go check out some other ta folks like chart vampire and you get a perspective a strategy on your own you get comfortable enough with making your own decisions don't go off by what I say buy what any other ta person says you know really you should use this ta – understood start learning how to do it on your own so that's going to wrap it up for today hey I hope this was helpful for you don't forget to follow me on crypto underscore old so that when I get to TA during the week you can catch it there in between these videos also catch a sudden altcoin buzz IO also like and subscribe here so that you can catch these videos along with some great videos that Maddie's doing on summary of the news throughout the week and Billy's doing on some special features until next time may all your trades be good ones

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