BitcoinLong
BITCOIN BEARISH PATTERN NOW CONFIRMED - 06/17/2021
I am long BTC/COINBASE all in.
Hello! Please review my previous ideas to see how my analysis has been going, leave any comments thanks!
The reason this is bearish:
Where things can go bullish:
Hello! Please review my previous ideas to see how my analysis has been going, leave any comments thanks!
The reason this is bearish:
- The rising wedge had a bearish breakout as plotted
- The $37,500 has been mild support on this breakout
- More fud has been coming out against BTC/Crypto
- The death cross has recently happened where the 50 day MA crossed under the 200 day MA signaling bearish trend
- This is most likely to consolidate in the $36,800 area if the mild support is broken before indicating a bearish or bullish breakout
- If the bearish trend continues past $36,800 then the next move down can be to the $34,800 range
Where things can go bullish:
- A breakout of this falling wedge to the north side can cause the next price to hit $38,500 range
- Elon Musk tweet seems to still be positive catalysts
- More countries adopting BTC as legal tender
- Sudden spike in inflation (less likely as the Fed meeting recently confirmed this)
- SEC approving Crypto ETF
- BTC Adoption
- Short sellers covering their position (currently high amount)
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