Over the last 10 days or so, Bitcoin has actually been showing some solid performance. However, with today's stock market opening (and trading) in the red, Bitcoin is experiencing the worst day since the Jan-22 dump.
Traders might get bullish seeing that BTC has been trending bullish for around 10 days now, but be aware that we're still in a technical downtrend and that the most likely outcome is for the price to follow the trend.
However, we've seen oversold conditions which we rarely see. So if there was a bottom, it would be $33k. On the other hand, if stocks dump, Bitcoin will blindly follow and completely ignore all forms of technical analysis.
In case of a continued down trend, I'm expecting both $35k and $33k to offer support. If stocks continue to fall, both supports will be taken out with great ease.
Happy trading!
Traders might get bullish seeing that BTC has been trending bullish for around 10 days now, but be aware that we're still in a technical downtrend and that the most likely outcome is for the price to follow the trend.
However, we've seen oversold conditions which we rarely see. So if there was a bottom, it would be $33k. On the other hand, if stocks dump, Bitcoin will blindly follow and completely ignore all forms of technical analysis.
In case of a continued down trend, I'm expecting both $35k and $33k to offer support. If stocks continue to fall, both supports will be taken out with great ease.
Happy trading!
Note
Forgot to add earlier. My overall view is still more bullish than bearish. My previous BTC analysis is, in my view, one of the more likely scenarios to play out. However, all forms of TA are invalidated as soon as stocks start dumping.
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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.