Bitcoin / TetherUSShort
BTC: BOUNCE OR MORE DUMP??
Hello everyone, if you like the idea, do not forget to support it with a like and follow.
Welcome to this BTC update. If you are following me and reading my updates then definitely you are safe. In my previous BTC update, I clearly told you that BTC is not looking good, forming a bear flag pattern and we see a dump soon.
Currently, BTC is trading around the 21.7k level so what's the next possible scenario from here? Let's discuss this.
According to this 8hr chart, BTC is forming a descending triangle in 8hr time frame and currently hovering at the lower trendline of the triangle which is our last hope of any bounce. If BTC held this support and bounce from here then we see a pump up to the 22.5k level but for more bounce, BTC needs to break out from the triangle and close above the resistance line.
And according to the second scenario which is highly likely, once BTC breaks down the triangle and close below the 21.5k level then be ready for the 18k-18.5k level.
IMO you should be ready to short any bounce from here with an invalidation of close above 22.5k
What do you think about this?
Do you think we might see a bounce from here or do you think that 18k is on the board?
Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
Welcome to this BTC update. If you are following me and reading my updates then definitely you are safe. In my previous BTC update, I clearly told you that BTC is not looking good, forming a bear flag pattern and we see a dump soon.
Currently, BTC is trading around the 21.7k level so what's the next possible scenario from here? Let's discuss this.
According to this 8hr chart, BTC is forming a descending triangle in 8hr time frame and currently hovering at the lower trendline of the triangle which is our last hope of any bounce. If BTC held this support and bounce from here then we see a pump up to the 22.5k level but for more bounce, BTC needs to break out from the triangle and close above the resistance line.
And according to the second scenario which is highly likely, once BTC breaks down the triangle and close below the 21.5k level then be ready for the 18k-18.5k level.
IMO you should be ready to short any bounce from here with an invalidation of close above 22.5k
What do you think about this?
Do you think we might see a bounce from here or do you think that 18k is on the board?
Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
Related publications
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.