Bitcoin Bearish Trend Continuation - Next Target?
Hello Traders,
Continuing from where we left off yesterday, BTC is trending down as predicted and is currently trading at a major support level. Here is my TA for BTC.
Bullish Scenario (Lower probability of playing out)
-We are currently at a major support level. It's possible BTC consolidates here for several days while preparing for the next move.
-It's possible that BTC gets a small bounce back up to the 43.8K level where it traded yesterday.
-If it breaks 43.8K the next target is 44.8K.
-After 44.8K we are entering the "Re-Accumulation Zone" which is where I will be adding to my short position.
Bearish Scenario (Highest probability of playing out)
-I firmly believe BTC will continue lower in the next week.
-It's still possible that BTC gets a small bounce over the next couple days before continuing lower.
-If this major support level of
42K is broken, that is massively Bearish for BTC and the probability of it retesting the lows around 
36K-37K are increased.
-In the short term the next target level for BTC is 41.4K which is a minor support level and will easily be broken.
-Next target level (which is my take profit level) is 40K and is a major support level.
-If BTC comes down to this level quickly within the next several days I would not at all be surprised if BTC got a large bounce from this level.
-I will be unloading my full short position at this level and will possibly be re-entering into a long position for a quick swing trade.
Good luck everyone!
Continuing from where we left off yesterday, BTC is trending down as predicted and is currently trading at a major support level. Here is my TA for BTC.
Bullish Scenario (Lower probability of playing out)
-We are currently at a major support level. It's possible BTC consolidates here for several days while preparing for the next move.
-It's possible that BTC gets a small bounce back up to the 43.8K level where it traded yesterday.
-If it breaks 43.8K the next target is 44.8K.
-After 44.8K we are entering the "Re-Accumulation Zone" which is where I will be adding to my short position.
Bearish Scenario (Highest probability of playing out)
-I firmly believe BTC will continue lower in the next week.
-It's still possible that BTC gets a small bounce over the next couple days before continuing lower.
-If this major support level of
42K is broken, that is massively Bearish for BTC and the probability of it retesting the lows around 36K-37K are increased.-In the short term the next target level for BTC is 41.4K which is a minor support level and will easily be broken.
-Next target level (which is my take profit level) is 40K and is a major support level.
-If BTC comes down to this level quickly within the next several days I would not at all be surprised if BTC got a large bounce from this level.
-I will be unloading my full short position at this level and will possibly be re-entering into a long position for a quick swing trade.
Good luck everyone!
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