BTCUSDT (W,M,D) Update on previous TA. Short to $29k ??Hi everyone!
Monthly Weekly Daily all looking still looking red " BTCUSDT still showing a strong Short move
As mention on my previous Ta BTC has gone down to my support to the support level mentioned. Earlier than expected, now possible moving side ways or falling even lover in the next few days.
Looking very bearish currently battling to stay up from this support level $33K , If failing to hold this support we might see it going back down to $29k $25K or even lower. All depends many things, some like the Feds news expected in the week ahead, also the news on Russia proposing to ban crypto mining has also added to this blood red weekend.
Unfortunately, most of the indicators showing red flags with bearish trends and from my personal point of view " Any open long positions should stay on hold until we see a potential for a trend reversal sign. Re-evaluated and a stop loss most be in place, if you are a HOLDLER better keep riding the wave and wait for the reversal to happen" to add more on to your positions.
Honestly all markets are red a the minute Not just crypto.
Also the most the big commodities are facing heavy pressure with the omicron variant.
Look at this way if the market wouldn't correct, there would not be a gap/space for investors to increase positions. All I can say is that is also healthy to see corrections and what goes down must come back up at some point. Who sold the top will want to buy the bottom so Don't worry!
"CCI+MACD still far from reaching bottom, meaning that we could keep going in a down in the short and medium term.
Not to mention the Double top pattern formed on the Weekly C
ALWAYS look for extra confirmation before making any trade.
Happy trading people,
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(No financial advice)
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