Bitcoin Short Entry - Bearish Pennant Formed - Next Move?
Here is my chart analysis for BTC/USD.
There are quite a few things to cover here both in the short and longer term.
Short Term:
-BTC has formed a Bearish Pennant with perfect structure. The technical target is around $41,300.
-You could enter a short from the pennant using an entry method if breakdown occurs and bearish continuation is confirmed.
Longer Term
-Imo BTC is currently trending bearish and will continue lower over the coming days/ weeks.
-Until BTC breaks the channel trend line and 200 MA I am Bearish. Plus on the Daily chart BTC has formed an ascending channel since January. An ascending formation like this is Bearish which is why I believe BTC will inevitably retest the lows.
-It's possible that in the short term BTC gets a bounce off this level and gives another try at breaking the
48K major level.
-However, inevitably I do believe that BTC will head lower and retest the bottom trend line lows at around 40k, then
36K and possibly lower.
-So if you are Bearish now is the time to start planning your shorts if you haven't already entered one.
-I currently have a short open with the entry price of $46,400. I will either re-accumulate if BTC heads higher or will sell at the 40k support level if BTC trends down.
Happy Trading and Good Luck!
*This is not financial advice and I am not a professional.
There are quite a few things to cover here both in the short and longer term.
Short Term:
-BTC has formed a Bearish Pennant with perfect structure. The technical target is around $41,300.
-You could enter a short from the pennant using an entry method if breakdown occurs and bearish continuation is confirmed.
Longer Term
-Imo BTC is currently trending bearish and will continue lower over the coming days/ weeks.
-Until BTC breaks the channel trend line and 200 MA I am Bearish. Plus on the Daily chart BTC has formed an ascending channel since January. An ascending formation like this is Bearish which is why I believe BTC will inevitably retest the lows.
-It's possible that in the short term BTC gets a bounce off this level and gives another try at breaking the
48K major level.-However, inevitably I do believe that BTC will head lower and retest the bottom trend line lows at around 40k, then
36K and possibly lower.-So if you are Bearish now is the time to start planning your shorts if you haven't already entered one.
-I currently have a short open with the entry price of $46,400. I will either re-accumulate if BTC heads higher or will sell at the 40k support level if BTC trends down.
Happy Trading and Good Luck!
*This is not financial advice and I am not a professional.
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