BTC/USD SHORT WARNING ...
Bitcoin is forming a pattern to change or continue the trend after a sharp drop..The pattern formed is Bearish Pennant which have 2 main TP:
1-aproximately 33600 (between fibo 0.5 -0.618)
2-aproximately 29500
But if the bottom of the descending channel is broken, bitcoin will enter the bearish phase and the 20k channel.
But it is better to break the bottom of the channel with a shadow and close the candle on the bottom of the channel where is fibo 0.786.(about 31500 $)
1-aproximately 33600 (between fibo 0.5 -0.618)
2-aproximately 29500
But if the bottom of the descending channel is broken, bitcoin will enter the bearish phase and the 20k channel.
But it is better to break the bottom of the channel with a shadow and close the candle on the bottom of the channel where is fibo 0.786.(about 31500 $)
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