Updated

#BITCOIN - Bearish Pennant and Possible Decline

The new trading week has started. Unfortunately, we have to admit that it is too early for opening a LONG position here. The chart is forming a bearish pennant which will be broken downwards with the 75% probability. No doubt, there are Halving and a giant GAP above the price. These factors triggers people to open LONG and ignore a number of bearish facts. Sweet spot for MM to trigger another bunch of LONGs stop losses.

And, what is important here - I don't tell that $6000 incoming, no. The price can fall down to $7700 - $7800 in the near future, but more likely not lower. Why did I mentioned exactly this zone? There we can see a cluster of big buy orders which recently appeared. Moreover, reaching this zone will help us in printing a higher low. That's all for today.

Note

We were waiting for the dip to open LONG, but at the moment it seems that we won't go lower. So, we just opened LONG position.

The triangle was broken upwards and the upper border was tested successfully. Moreover, now we can see an absorption of the whole post-dump flat. Great point to enter a position after a small rollback.

BillCharison

Work in the team of Crypto Klondike.

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BillCharison

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