Is Bitcoin Bearish Right Now?
Bitcoin on the Daily
Evening all, please find my daily chart on BTC for reference.
I'm still feeling bearish on BTC ever since we broke key support back on May 19th.
A series of lower lows, lower highs and broken flags have paved the way to the current price.
Note that the current daily support zone is close to 30K, so I wouldn't be surprised if we retest that zone in the near future.
The Bearish Outlook
A fall to 30K, bounce and break the support zone, leading to a larger fall back to the overall uptrend line and next support area around 21-22K.
The Neutral Outlook
A continuation of the 30K to 40K range that we have been seeing for almost 2 months now.
The Bullish Outlook
A close above 41K would be a bullish sign for me, as we would have a change of market structure, a breach of an MA and also a break of resistance / previous support.
Would love to hear your thoughts in the comments below, enjoy!
Evening all, please find my daily chart on BTC for reference.
I'm still feeling bearish on BTC ever since we broke key support back on May 19th.
A series of lower lows, lower highs and broken flags have paved the way to the current price.
Note that the current daily support zone is close to 30K, so I wouldn't be surprised if we retest that zone in the near future.
The Bearish Outlook
A fall to 30K, bounce and break the support zone, leading to a larger fall back to the overall uptrend line and next support area around 21-22K.
The Neutral Outlook
A continuation of the 30K to 40K range that we have been seeing for almost 2 months now.
The Bullish Outlook
A close above 41K would be a bullish sign for me, as we would have a change of market structure, a breach of an MA and also a break of resistance / previous support.
Would love to hear your thoughts in the comments below, enjoy!
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