🔥 Bitcoin Short-Term Outlook Very Bearish: Prepare For Dump 🚨
After trading relatively bullish for nearly a month, the bears are back in the game on the BTC chart. The diagonal purple support has failed and the bears have pushed through.
Most important thing of the break out has been the retest of the support as resistance, which nearly always confirms the change in direction.
I'm waiting for BTC to fall through the local lows of 26,500 before considering an entry. Target at the September lows, stop just above the most recent local high.
Note the yellow support. This can cause a short-term reversal due to shorters taking profits and bulls buying from support.
Most important thing of the break out has been the retest of the support as resistance, which nearly always confirms the change in direction.
I'm waiting for BTC to fall through the local lows of 26,500 before considering an entry. Target at the September lows, stop just above the most recent local high.
Note the yellow support. This can cause a short-term reversal due to shorters taking profits and bulls buying from support.
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