🔥 Bitcoin Reversing: Short-Term Analysis

Yesterday I made an analysis on BTC, stating that we're reversing sharply from the blue resistance line which marks the top of the bearish triangle. Take a look for the bigger picture:

Currently, we're again seeing bearish moves from BTC and the crypto market as a whole. In the short term, BTC will most likely keep on falling. The next strong area of support would be the purple support of the channel. Assuming that BTC were to follow the channel, a bullish reversal would be expected here.

On the other hand, BTC might follow the long-term bearish triangle and dip back into the red area of support. I don't see BTC going below 30k in the near future.

Happy trading!