🔥 Bitcoin: More Pain Likely
In yesterday's BTC analysis, I looked at the area between 40k-
41K for a potential support. In case the price fell through that area, I foresaw more bearishness towards 37k or even lower.
Since it's weekend, the markets are experience some relief from institutional traders. This is a period of neutral trading, which allows alt to do some catch-up on lost funds.
The most likely scenario would be that the current move ends up being a bear-flag, which is a continuation pattern. In my view, the move towards 37k is inevitable with current market conditions. If we get more bad news soon, we could even go for the recent lows around 34.5k
Happy trading!
41K for a potential support. In case the price fell through that area, I foresaw more bearishness towards 37k or even lower.Since it's weekend, the markets are experience some relief from institutional traders. This is a period of neutral trading, which allows alt to do some catch-up on lost funds.
The most likely scenario would be that the current move ends up being a bear-flag, which is a continuation pattern. In my view, the move towards 37k is inevitable with current market conditions. If we get more bad news soon, we could even go for the recent lows around 34.5k
Happy trading!
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