BITCOIN | Short-term Bearish Pressure
Updated
Hi all,
The price of BTC has started to show some weaknesses to fight out from bearish pressure. In the morning we got quite a solid rejection from the support area (grossing area with support and trendline) but it wasn't the real deal and now we have a few 1-hour candle close below them.
The trendline has broken, the previous resistance which now acting as support has broken, the price got a rejection from the round number $50000. These are the major reasons why I think that technically, we might see a continuation move downwards. If it starts to move then 47k and even 43k are possible targets for shorting it.
For the bulls, it gets back to normal climb upwards after we have seen a bullish candle close above the marked green dotted line. The candle close has to be without any significant higher wick and it definitely needs to close above $50800. Without the prementioned scenario, the higher possibility stays bearish, at least for the short-term.
Summary: We have a break below some important price levels, below 50k would be higher possibilities to sell it to 47k to 43k.
Those who want to buy BTC have to wait for a bullish candle close above 50,8k. After we get it, then it should be quite a good BUY setup, and that one I want to play along.
Stay healthy,
Vaido
The price of BTC has started to show some weaknesses to fight out from bearish pressure. In the morning we got quite a solid rejection from the support area (grossing area with support and trendline) but it wasn't the real deal and now we have a few 1-hour candle close below them.
The trendline has broken, the previous resistance which now acting as support has broken, the price got a rejection from the round number $50000. These are the major reasons why I think that technically, we might see a continuation move downwards. If it starts to move then 47k and even 43k are possible targets for shorting it.
For the bulls, it gets back to normal climb upwards after we have seen a bullish candle close above the marked green dotted line. The candle close has to be without any significant higher wick and it definitely needs to close above $50800. Without the prementioned scenario, the higher possibility stays bearish, at least for the short-term.
Summary: We have a break below some important price levels, below 50k would be higher possibilities to sell it to 47k to 43k.
Those who want to buy BTC have to wait for a bullish candle close above 50,8k. After we get it, then it should be quite a good BUY setup, and that one I want to play along.
Stay healthy,
Vaido
Comment
Sorry followers, missed the downwards arrow in the picture by 1 hour! :DComment
First selling target reached:Comment
It can be a start of the second leg downwards but safer would be 1h candle close below the lower area, wait for a retest and go:
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