In yesterday's BTC analysis, I looked at the area between $40k-$41k for a potential support. In case the price fell through that area, I foresaw more bearishness towards $37k or even lower.
Since it's weekend, the markets are experience some relief from institutional traders. This is a period of neutral trading, which allows alt to do some catch-up on lost funds.
The most likely scenario would be that the current move ends up being a bear-flag, which is a continuation pattern. In my view, the move towards $37k is inevitable with current market conditions. If we get more bad news soon, we could even go for the recent lows around $34.5k
Happy trading!
Since it's weekend, the markets are experience some relief from institutional traders. This is a period of neutral trading, which allows alt to do some catch-up on lost funds.
The most likely scenario would be that the current move ends up being a bear-flag, which is a continuation pattern. In my view, the move towards $37k is inevitable with current market conditions. If we get more bad news soon, we could even go for the recent lows around $34.5k
Happy trading!
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