BITCOIN WEEKLY UPDATE...BEARISH BIAS REMAINS INTACT
Updated
The coin outlook remains bearish with the 7000 handle as a probable target.
Note
The 7000 handle has been breached. Whats next for the Coin. Some resistance levelsneed to be breached. But a simple AB=CD or ABC zigzag move of equality suggests the 3500 handle as a probable target. If not lower. Some good news for the bulls is that once corrected and if we stay in a corrective move. ( Contained within parallel lines ) we can expect the move to be fully retraced. But I wouldn't jump on that wagon. We need to see some sort of bottom formation. The question is..do we stay in a corrective move. and where do we get a strong bid from the Bulls. Until otherwise. the 3500 handle is the next probable move
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.