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BTCUSD LONG SETUP
Price action on Bitcoin is looking bearish in the short-term with price trading below the outlined double diagonal UPTRENDLINE extending from December low.
Last week, we saw price takeout the lower diagonal ray, backtest held sending the price lower, price action is pointing towards 41,200$ zone which is a level of resistance we are yet to see any backtest of this zone after we broke above it in January, price backtesting 41,000$ will be about 37% drawdown from the all-time high, which is literally in the range of drawdown we've seen on Bitcoin overtime after it extended bull runs before putting in another all-time high, this zone is a must hold for the BULLS to keep the overall BULL RUN or CYCLE constructive.
Last week, we saw price takeout the lower diagonal ray, backtest held sending the price lower, price action is pointing towards 41,200$ zone which is a level of resistance we are yet to see any backtest of this zone after we broke above it in January, price backtesting 41,000$ will be about 37% drawdown from the all-time high, which is literally in the range of drawdown we've seen on Bitcoin overtime after it extended bull runs before putting in another all-time high, this zone is a must hold for the BULLS to keep the overall BULL RUN or CYCLE constructive.
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