🔥 Bitcoin Reversal Likely: 3 Bearish Signs
In my previous BTC analysis I was looking at Bitcoin's potential move for the next 24 hours or so. After hitting the green reversal area, we're seeing 3 bearish signs.
1) BTC has formed a double top around the previous local high, 35k being the top.
2) BTC has failed to pierce through the orange resistance line, making a continuation of the bearish triangle more likely.
3) The 4H bar is shaping up to be an engulfing bar. Just like when BTC reversed at 26-06, the 4H bar after hitting the orange resistance line is bigger than the green bar before that.
Yesterday's analysis:
As mentioned before, It's likely for BTC to go down again, targeting the red area of support again. If the next 4H bar is going to be red, we can say with great certainty that we're going down.
However, in case BTC manages to break out of the bearish triangle today, I'll be eyeing the 36k resistance for confirmation of the break-out. In case 36k gets broken, we might see 40k very soon again.
Happy trading
1) BTC has formed a double top around the previous local high, 35k being the top.
2) BTC has failed to pierce through the orange resistance line, making a continuation of the bearish triangle more likely.
3) The 4H bar is shaping up to be an engulfing bar. Just like when BTC reversed at 26-06, the 4H bar after hitting the orange resistance line is bigger than the green bar before that.
Yesterday's analysis:
As mentioned before, It's likely for BTC to go down again, targeting the red area of support again. If the next 4H bar is going to be red, we can say with great certainty that we're going down.
However, in case BTC manages to break out of the bearish triangle today, I'll be eyeing the 36k resistance for confirmation of the break-out. In case 36k gets broken, we might see 40k very soon again.
Happy trading
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