Bitcoin (BTCUSD) Market Analysis - More Selling Pressure?
Hi Traders, Bitcoin again had some heavy down week.
In the previous few Bitcoin analysis, I've been discussing about the 28000 - 31000 range, if you simply just follow the range probably you had some great trades recently.
As price attempted to break through the high of the range at 41000 but failed multiple times, we could again conclude that the market is weak.
On the Daily chart, it's been forming a typical Impulse - Consolidation pattern, which usually leads to Bearish continuation (not 100% guaranteed).
For now let's observe how price reacts around 28000 support again, to confirm a longer-term Bearish scenario, we have to see a solid daily close under the low of the range (28000). Will keep you all updated.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
In the previous few Bitcoin analysis, I've been discussing about the 28000 - 31000 range, if you simply just follow the range probably you had some great trades recently.
As price attempted to break through the high of the range at 41000 but failed multiple times, we could again conclude that the market is weak.
On the Daily chart, it's been forming a typical Impulse - Consolidation pattern, which usually leads to Bearish continuation (not 100% guaranteed).
For now let's observe how price reacts around 28000 support again, to confirm a longer-term Bearish scenario, we have to see a solid daily close under the low of the range (28000). Will keep you all updated.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
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