Bitcoin, bears taking control ?!
Updated
Hello traders, here's a 4h time frame Chart of BTC:USD (coinbase), after the last article I did, about going long on BTC, the price actually went higher, and touched the counter trend line for the third time. Even though this looks pretty bullish long term, I now think that we are going to see a short-term reverse back to the initial trend-line at around $5200, or even lower.
To be precise, I highlighted the resistance area with the orange rectangle, if we fail to break above the counter trend line, and the mentioned highlighted area, I see BTC tumbling to the $5000 region again.
We have 2 trend lines that could be met, first being the inner trend-line, and if that breaks , we can head lower to the outer trend line.
However,If we do break above, the upside target remain the same as the previous articles $5800 - $6000
The chart will be updated for further confirmations !
To be precise, I highlighted the resistance area with the orange rectangle, if we fail to break above the counter trend line, and the mentioned highlighted area, I see BTC tumbling to the $5000 region again.
We have 2 trend lines that could be met, first being the inner trend-line, and if that breaks , we can head lower to the outer trend line.
However,If we do break above, the upside target remain the same as the previous articles $5800 - $6000
The chart will be updated for further confirmations !
Note
We broke the trend-line and the first target $5800 has been met, going to $6000
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