As bitcoin has broken through support at 37,000, it is now exploring aggressively the support line at 36,500 respectively 36,000.
If support breaks at 36,000, the next support line which Bitcoin can be exploring will be at 35,500
35,500 is also the ultimate support after which an approximate closer bottom can perhaps be seeing at approximately 33,000
Traders...
It's a major debate at this moment wether Bitcoin is forming a bullish rectangle or a double rising wedge.
Regardless of opinions, when zooming out on the 1h, 4h and daily charts, it is hard not to first observe the bullish rectangle. And in the end, we care about the long term.
If the rising wedge is confirming with a slight drop, it will be only short, retail...
Looking at the current charts and circumstances of Bitcoin, it must break through the 43,500 price mark to be able to break the downtrend and push towards ~47,000
Major resistance at ~43,500 and a tough fight at the 200EMA.
BTC is trading at key levels with an uptrend on linear regression on the 1h chart.
It needs to hold current level at ~35,900 to be able to move to the next support at ~36,100
Traders should expect scalping as a good trading strategy as volume is unpredictable.
BTC can go either way at this current level.
Bitcoin is heading down towards an inevitable ~30,000k mark in correlation with July 2021 mark.
Triangle pattern, Linear Regression and Fibonacci.
Long term shorts will be profitable
Traders should prepare long trades to trigger at sub ~30k marks.
Looking at the BTCUSDT daily chart using a linear regression we can clearly observe a bearish trend.
Someone who wants to long or short, must use this chart in correlation with the monthly or yearly charts of BTCUSDT to observe the long term trend.
Short short term
Long long term
BTC is following a tight squeeze on the 1h chart inside linear regression, signalling a potential steady and continuous down trend towards ~30,000 SUD price mark.
Swings are possible.
Shorts should wait for confirmation
Longs should wait for confirmation
