Bitcoin / TetherUSShort
Bitcoin Bearish Pennant Formed!
Hello Crypto Verse, Lets just analyse the situation of the Bitcoin price and the targets for the weekly close.
Bitcoin price may consolidate for a while as no particular sign of a flip or rebound with strong bullish momentum is seen. The indicators are also pretty neutral indicating an accumulation phase. Currently, the bears are dominating the rally and interestingly, the long term forecast also manifests a similar trend. And hence once the BTC price breaks down the immediate support at $42,000, the bear may become proactive to drag the price closer to $40,000.
- Bitcoin after consolidating hard within $46,800 and $45,000 for quite a long time dropped hard slicing through the crucial support at $44,700
After bottoming hard at $42,800, the price flipped but failed to ignite a strong uptrend and hence began consolidating within minor ranges
Hence forming a bearish flag, the price is attempting a breakout, but woefully, the lower levels close to $40,700 may act as the target once the price releases itself from the pattern
However, $42,000 is yet another barrier that compelled the price to reverse its trend on hitting these levels hence a minor possibility of a flip may be expected but with strong downward pressure, the price may slice through these levels too.
Bitcoin price may consolidate for a while as no particular sign of a flip or rebound with strong bullish momentum is seen. The indicators are also pretty neutral indicating an accumulation phase. Currently, the bears are dominating the rally and interestingly, the long term forecast also manifests a similar trend. And hence once the BTC price breaks down the immediate support at $42,000, the bear may become proactive to drag the price closer to $40,000.
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.