BTC/USD: Bitcoin Update, "The crypto is respecting our Analysis"
Currently @ $32,900
We still expect Bitcoin to be bearish.
If you look at our Last/Previous analysis we expected it to test $30,000 and break below this
Our target for bitcoin is $20,000 before it bounces back,
But currently we have a BUY signal at the moment but it might be short-lived
"Bullish Harmonic forming on 4H chart"
If confirmed and if Bitcoin treats $30,000 as support again we would expect it to
test & break above the descending channel trendline @ $38,000.
Failure to do so will see a continuation of bitcoin's downward movement.
Also more importantly Bitcoin is now treating a major support trendline as resistance
signaling further downward movement.
link to previous analysis below
Note: this is just an analysis based on technical analysis & current events. All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
We still expect Bitcoin to be bearish.
If you look at our Last/Previous analysis we expected it to test $30,000 and break below this
Our target for bitcoin is $20,000 before it bounces back,
But currently we have a BUY signal at the moment but it might be short-lived
"Bullish Harmonic forming on 4H chart"
If confirmed and if Bitcoin treats $30,000 as support again we would expect it to
test & break above the descending channel trendline @ $38,000.
Failure to do so will see a continuation of bitcoin's downward movement.
Also more importantly Bitcoin is now treating a major support trendline as resistance
signaling further downward movement.
link to previous analysis below
Note: this is just an analysis based on technical analysis & current events. All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
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