BitcoinShort
Bitcoin BEARISH 4 Hour Chart - Trend Line Support Broke
Bitcoin has broke down through an important trend line support level on the 4 hour chart. It is currently in the process of re-testing the line before a continuation down again. It's possible that Bitcoin may gain short-term up to around $100000 before the re-testing is complete. Or it may just start falling like a rock before then.
The trend line was tested multiple times and is a reliable signal of what is to come. This also agrees with my analysis on the weekly chart too. Both charts indicate a potential drop for Bitcoin to around $75000.
Please note: this is a crazy world and anything could happen, but this is my analysis based solely on the chart. I would say the same if it were corn, copper, or whatever else. Be cautious buying Bitcoin anytime soon based solely on hype! As I said above, it could gain short term to re-test the line which is now resistance, but it will probably be short-lived.
The trend line was tested multiple times and is a reliable signal of what is to come. This also agrees with my analysis on the weekly chart too. Both charts indicate a potential drop for Bitcoin to around $75000.
Please note: this is a crazy world and anything could happen, but this is my analysis based solely on the chart. I would say the same if it were corn, copper, or whatever else. Be cautious buying Bitcoin anytime soon based solely on hype! As I said above, it could gain short term to re-test the line which is now resistance, but it will probably be short-lived.
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