Yesterday I made an analysis on the short-term bearish movement of Bitcoin.
As seen in the analysis above, BTC has found (temporary?) support at the bottom trend line of the bearish channel.
Furthermore, on the zoomed out chart it becomes apparent that Bitcoin is currently trading near the bottom trend line of the bearish channel.
This indicates that Bitcoin is trading on two different supports at the moment, making it more likely for the support to hold.
If we look at the last two bearish moves from Bitcoin, which are indicated by the green arrows, we can see that every dump was followed up by a quick rebound. There's a decent chance that will happen again.
In case the price will drop further, there's potential for Bitcoin to drop all the way to $44k.
Happy trading!
As seen in the analysis above, BTC has found (temporary?) support at the bottom trend line of the bearish channel.
Furthermore, on the zoomed out chart it becomes apparent that Bitcoin is currently trading near the bottom trend line of the bearish channel.
This indicates that Bitcoin is trading on two different supports at the moment, making it more likely for the support to hold.
If we look at the last two bearish moves from Bitcoin, which are indicated by the green arrows, we can see that every dump was followed up by a quick rebound. There's a decent chance that will happen again.
In case the price will drop further, there's potential for Bitcoin to drop all the way to $44k.
Happy trading!
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