Bitcoin - a short, medium and long view in outlook
Updated
Bitcoin has lost a critical local support zone, also coinciding with the loss of the lower pivot in the local downtrend (1H).
At 4-hour levels, the bearish channel that has formed and the rejection at the top of the bullish channel can be seen even better.
In the daily scenario we continue to hold the bearish channel with a re-entry and rebound that could swing the price back between $22,000 and $20,000.
A clear entry point is yet to be established, and we expect high volatility dependent on financial markets. If these pick up, we can get a short target with entry at $28,000.
In the event that the stock market is more affected in the short term, the support of $20,000 and $18,000 could be in danger, since a double top pattern on historical highs has been completed, whose projection could take the price of Bitcoin to $14,000.
At 4-hour levels, the bearish channel that has formed and the rejection at the top of the bullish channel can be seen even better.
In the daily scenario we continue to hold the bearish channel with a re-entry and rebound that could swing the price back between $22,000 and $20,000.
A clear entry point is yet to be established, and we expect high volatility dependent on financial markets. If these pick up, we can get a short target with entry at $28,000.
In the event that the stock market is more affected in the short term, the support of $20,000 and $18,000 could be in danger, since a double top pattern on historical highs has been completed, whose projection could take the price of Bitcoin to $14,000.
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It followed our path. The next likely route is:
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