BTC has broken through the bright red line on the long term uptrend and if it confirms by midnight UTC then we'll likely see a bearish continuation with a drop to test the $6000 mark.
A bounce may be expected and a third test of 6000 could yield a drop to around 4000.
Time is a factor here and the slower the descent the better the chances of not getting that low, a bounce before 6k could slow it down enough to avert such a capitulation, the general sentiment is still negative and we need a few more weeks before the bulls regain their confidence.
A bounce may be expected and a third test of 6000 could yield a drop to around 4000.
Time is a factor here and the slower the descent the better the chances of not getting that low, a bounce before 6k could slow it down enough to avert such a capitulation, the general sentiment is still negative and we need a few more weeks before the bulls regain their confidence.
Note
P.S. this isn't intended as trading advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.