Bitcoin's short term movement is bearish. We're failing to make higher highs and continue to make lower lows and lower highs, a bearish sign in the market.
However, for around a week now, BTC has failed to fall below the Reversal Area that I marked on the chart. In case we can get another reversal from this area, we might see BTC trading towards 45k again in the near future.
On the other hand, if we get a daily close below the reversal area, things might get nasty. In that case, a $35k Bitcoin is one of the possibilities.
Let's hope for a decent reversal from this area, but let's be realistic: we might fall further.
Happy trading!
However, for around a week now, BTC has failed to fall below the Reversal Area that I marked on the chart. In case we can get another reversal from this area, we might see BTC trading towards 45k again in the near future.
On the other hand, if we get a daily close below the reversal area, things might get nasty. In that case, a $35k Bitcoin is one of the possibilities.
Let's hope for a decent reversal from this area, but let's be realistic: we might fall further.
Happy trading!
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