BitcoinShort
BTC Bear Market Scenario (Update)
Updated
A strong confluence resistance zone has been hit at around 7100, which is a good candidate for terminating the upward countertrend, marking it as the high for the next few weeks. Previous support targets of 5000 and 3500 are still in play for establishing a long position.
There is a possibility that the next confluence resistance zone around 7500 will override the one at 7100. Closing above 7500 on the daily is a strong bullish signal which rejects this scenario (blue line on the chart).
This study uses longer range confluence zones compared to the previous scenario.
There is a possibility that the next confluence resistance zone around 7500 will override the one at 7100. Closing above 7500 on the daily is a strong bullish signal which rejects this scenario (blue line on the chart).
This study uses longer range confluence zones compared to the previous scenario.
Note
3500 price hit, albeit later than expected. We never went over 7500, so this scenario was valid this whole time.
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