🔥 Bitcoin: Short-Term Bearish Channel

19 בינו׳ 2022

In my earlier BTC analysis I was waiting for a higher-low > lower-high formation to emerge. However, BTC even failed to reach the local top around 44.5k and continued trending downward.

In the short-term, I'm expecting BTC to follow this bearish channel. However, when I'm looking forward I'm edging more towards the bearish side of BTC. Slow bearish grinds often see a big sell-off as their climax. Not sure how low this climax can bring us, but a move below 39K is still in the cards.

These bearish climaxes are often a sign of reversal. Might take a while for the bulls to take over, but historically these sell-off cascades are good for the bulls.

For now, we're in a bearish low-volatility environment. Some tokens might take off, like FTM or ROSE, but most of the market is not doing a lot lately. I'm expecting volatility to come to us in the near future, either up or down.

Happy trading!