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Bitcoin Short Entry - Bearish Pennant Formed - Next Move?

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Here is my chart analysis for BTC/USD.

There are quite a few things to cover here both in the short and longer term.

Short Term:
-BTC has formed a Bearish Pennant with perfect structure. The technical target is around $41,300.
-You could enter a short from the pennant using an entry method if breakdown occurs and bearish continuation is confirmed.

Longer Term
-Imo BTC is currently trending bearish and will continue lower over the coming days/ weeks.
-Until BTC breaks the channel trend line and 200 MA I am Bearish. Plus on the Daily chart BTC has formed an ascending channel since January. An ascending formation like this is Bearish which is why I believe BTC will inevitably retest the lows.
-It's possible that in the short term BTC gets a bounce off this level and gives another try at breaking the 48K major level.
-However, inevitably I do believe that BTC will head lower and retest the bottom trend line lows at around $40k, then 36K and possibly lower.
-So if you are Bearish now is the time to start planning your shorts if you haven't already entered one.
-I currently have a short open with the entry price of $46,400. I will either re-accumulate if BTC heads higher or will sell at the $40k support level if BTC trends down.

Happy Trading and Good Luck!

*This is not financial advice and I am not a professional.

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