Bitcoin
Short

Bitcoin Correction Seems Inevitable

-cycle of support and resistance followed by retests since January of 2021
-downtrend since early November with a clear resistance
-bitcoin has gapped down past the support level that has been clear since late July

Currently Bitcoin is struggling to move either direction, and a close red would be a sign of bearish continuation.

In the case that Bitcoin poses a reversal the $51904 and and $53461 resistance levels are at and below the descending resistance level.

A retest of this level could continue the downtrend back to the level of $42200 that we saw yesterday (breaking the 5 month long support level)

I suggest averaging down with a small amount when a key level is passed / tested. Good luck to all.
Bitcoin (Cryptocurrency)Chart PatternsCryptocurrencyshortTrend Analysis

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