BTC Short - Downward Channel and Descending Triangle
Looks like BTC is hitting a rejection off the downward channel / Descending triangle line. If it breaks and moves through the previous all time high, full bullish, but until then, still in a downward trend.
Note
dropped below the descending triangle, very bearishNote
Dropped through support and bottom of channel, look for lower in coming days and weeks. RSI is oversold at the moment so looking for some sideways slightly up action temporarily, again days/weeks, then more down is likely. Good time to swing trade if you can stomach it, I am not that guy, just looking to hodl for the long term, but I'm not a buyer at these levels.Note
Look for resistance at 66 - 67k, if it breaks look for confirmation of of a long, if it rejects hard look for re-test of 50k, working on a BTC fractal and fib levels to get a better ideaNote
Fighting the trendline and resistance here, let's see what happens.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.