BTC Short Thesis
Updated
BTC has lost the 20 MA and historically retests the 100 MA whenever it does so. The 100 MA sits at 18.3k presently. Black arrows indicate the MA retests whereas the circles show the moment the 20 MA was lost.
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We approached the first support test (~28.8k) and reversed sharply, as expected. I expect to see a retest of 42k soon, followed by a continuation to the downside, forming a head and shoulders on the weekly. If BTC can find support on the 50 MA (Blue line), we can see a reversal and potentially break the bearish pattern.
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