🔥 Bitcoin Broke Bearish: More Selling Possible

A while ago I made a post where I argued that BTC was on the verge of breaking bearish. In the case of a bearish break out, more downside was to be expected. See below.

After a terrible weekend, BTC broke the bullish trend line and is back in selling territory. At the moment, the only thing that can (temporarily) save BTC is some good macro news. Russia pulling back her troops, for example.

As it seems now, the path of least resistance is down. I'm looking for the area between 33k-34k for a potential target.

Happy trading!

Kommentera:

With the above analysis being very bearish, there's also a middle-ground possible.
Since we're currently very near the diagonal resistance line, BTC might want to re-test the line before continuing going up. Tomorrow is going to be interesting.