Bitcoin is about to go boom!
Bitcoin has been putting is some near term lower highs and lower lows.
The daily chart trend is starting to breakdown and show signs of distribution.
The weekly chart trend is still ok but even if we had a flush to 40k the Weekly chart would still display higher lows.
The point of this higher low excercise is to define trend and know that trends can often have a large range.
That being said I think a short setup in BTC is brewing. a retest of the 50 & 100 MA will likely prove to be very strong resistance as we keep losing the key larger term MA's.
As banks and potentially the stock market lose some momentum its going to be interesting to see how crypto is going to hold up.
The daily chart trend is starting to breakdown and show signs of distribution.
The weekly chart trend is still ok but even if we had a flush to 40k the Weekly chart would still display higher lows.
The point of this higher low excercise is to define trend and know that trends can often have a large range.
That being said I think a short setup in BTC is brewing. a retest of the 50 & 100 MA will likely prove to be very strong resistance as we keep losing the key larger term MA's.
As banks and potentially the stock market lose some momentum its going to be interesting to see how crypto is going to hold up.
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