POPCATUSDT → False breakout of bearish trend resistance for BINANCE:POPCATUSDT.P by RLinda

POPCATUSDT → False breakout of bearish trend resistance

is testing trend resistance on the 4H timeframe. A sharp approach and a false breakdown of the upper boundary of the channel may provoke a correction or continuation of the decline

The global trend is downtrend, the locational trend also coincides with the global trend. Bitcoin cannot become a bullish driver for altcoins yet. Yesterday's economic news also had a negative impact on the market. In addition, the cryptocurrency community was betting big on Trump, but he has put cryptocurrencies on the back burner.
Technically, POPCAT is testing the channel resistance with a false breakout within the downtrend. Consolidation of the price below 0.322 could trigger further selling.

Resistance levels: 0.322, correction resistance
Support levels: 0.2386, 0.1596

I do not exclude the possibility of retesting the resistance of the correction channel, but due to bearish pressure and weak market the decline may continue.

Regards R. Linda!

RLinda

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