22nd March BTC Update - Resuming Downtrend?
1. The upmove from the 7240 low was due to G20 news which normally is just a correction.
2. The whole upmove is so sharp with no significant correction which makes me think that it is a short squeeze/bull trap.
3. Price got rejected at the bottom of the broken channel (touch back trade) and also the 38.2 retracement of the whole downmove from 11700.
4. Price is falling back into the downward trending channel.
5. The 4H MACD is turning down.
6. Price got rejected at the 200 EMA on the Daily chart.
7. To invalidate this setup, price will have to go sideways from here for a while.
8. A big crash to new lows looks more likely for me now.
9. 4000-5000 is the area to end this bear market.
2. The whole upmove is so sharp with no significant correction which makes me think that it is a short squeeze/bull trap.
3. Price got rejected at the bottom of the broken channel (touch back trade) and also the 38.2 retracement of the whole downmove from 11700.
4. Price is falling back into the downward trending channel.
5. The 4H MACD is turning down.
6. Price got rejected at the 200 EMA on the Daily chart.
7. To invalidate this setup, price will have to go sideways from here for a while.
8. A big crash to new lows looks more likely for me now.
9. 4000-5000 is the area to end this bear market.
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