BITCOIN: Getting ready for a break of support?
BTCUSDT at the 4HR seems be building up a possible breakdown of this range's support (31K to 28K)
Right now we are in a channel were BTCUSDT has lower highs and lower lows at support, this is very bearish as we might be getting ready to breakdown support and push down.
While we are at an uptrend, you can see it's rather weak as it's quite flat compared to the strong downtrend that pushed us here.
The bearish outlook is based on:
If BTCUSDT doesn't break above this structure with some volume to back it up, things will be looking very bearish indeed.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS VITAL TO TRADING.
Right now we are in a channel were BTCUSDT has lower highs and lower lows at support, this is very bearish as we might be getting ready to breakdown support and push down.
While we are at an uptrend, you can see it's rather weak as it's quite flat compared to the strong downtrend that pushed us here.
The bearish outlook is based on:
- We are at the Base line, which can act as resistance.
- Below the Cloud
- Below the 180 EMA
If BTCUSDT doesn't break above this structure with some volume to back it up, things will be looking very bearish indeed.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS VITAL TO TRADING.
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