BTCUSDT Analysis May 18, 2022

We are still Bearish on Bitcoin, BTC. The three SELL signals fired in early April, the Bear Flag formed over the past few months, and the important Horizontal Support Line at ($40,700) was broken. BTC went further down past our soft support level ($34,750) and is now consolidating at the stronger ($28,975) Support Area. Bitcoin is down over 30% since the indicators in April and almost 60% since the All Time High in November 2021. That Weekly Downtrend Line unfortunately (or fortunately) has a triangle formation at the ($19,620) Support Area (not visible on this chart).
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