BTCUSD (Bitcoin / USD) – A True Breakdown, But More Weakness AheadBitcoin (
BTCUSD) parred losses from the earlier week with a subtle +1.45% gain. BTCUSD remains languishing at the $16,000 level as $3 billion escaped crypto exchanges in early November amid a bank run on fears of an FTX contagion.BTCUSD daily action continue to morphed out a further Bearish Pennant pattern prompting the risk of a further accelerated sell off in near term remains.The level of support to watch for
BTCUSD this week remains at $15,630, a breakdown of the year to date low.Bull Case: Recapturing last week losses and reclaim above $20,000.
Bear Case: Breakdown of $15,630, the year to date low.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.