BTCUSD False Pushup - We are still bearish and headed down
Bitcoin saw a nice $300 push up this morning but it is not based on a solid footing and as quickly as the volume comes it drops off. It is important to note this was a push off our channel support line which is a good sign and what we like to see... but we are still headed down and this will be short lived. Levels to watch would be 7.7-7.9k area and 9.2k but we are unlikely to come close to our upper trend line resistance.
We will be headed back down, most likely sooner rather than later. Beware of false hope and a false push up. The market is not ready to be bullish and needs further retracement before it will be able to push up and out of our bearish trend.
We will be headed back down, most likely sooner rather than later. Beware of false hope and a false push up. The market is not ready to be bullish and needs further retracement before it will be able to push up and out of our bearish trend.
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