BTC/USD - At CRITICAL Resistance $40k. Fail and down we go! 😥
Bitcoin had a fantastic rally, somewhat unexpected after the fall to 34k on the news of the Russian invasion.
Now the price is just under the key resistance at 40k. Seems the bullish momentum has vanished with the start of the weekend and bulls appear unable to push price higher.
If BTC cannot push above this key level to make it support (40k), then unfortunately this will be just another lower high.
It is good that this most recent fall did not make a lower low, but we are NOT out of the woods here.
BTC can go EITHER way, likely down. The markets and world is in turmoil and will take some time to find a balance. I struggle to see how this would bring optimism to the markets.
Unless BTC starts to be perceived as a hedge for war, I fail to see it rally during these times.
So be careful and don't expect a pump, that seems unlikely.
My bias is slightly bearish right now. Stay safe.
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Now the price is just under the key resistance at 40k. Seems the bullish momentum has vanished with the start of the weekend and bulls appear unable to push price higher.
If BTC cannot push above this key level to make it support (40k), then unfortunately this will be just another lower high.
It is good that this most recent fall did not make a lower low, but we are NOT out of the woods here.
BTC can go EITHER way, likely down. The markets and world is in turmoil and will take some time to find a balance. I struggle to see how this would bring optimism to the markets.
Unless BTC starts to be perceived as a hedge for war, I fail to see it rally during these times.
So be careful and don't expect a pump, that seems unlikely.
My bias is slightly bearish right now. Stay safe.
Like and follow if you liked this idea!
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