BTCUSD Weakness Warning!!!

19 ביוני 2021

We have seen Supports and resistances broken both ways the last 2 weeks. Bitcoin is now right back at where it started its small rally one week ago. Losing around 7% yesterday, BTC dumped right below that green Ichimoku cloud on the 4h timeframe. This is a sign of weakness and the only think holding us away from a potential continuation dump is the local support (white line) . Our current SL will be maintained and not modified.

The current formation is a channel that allows for swing trades , channel is between 30k and 40k.

I have identified 3 possibilities and marked them with different colors, one thing to note here is the fact that 2 of them are locally bearish.