BTC Short Term TROUBLE -Sub $25K Likely

8 giu 2023

Hi Traders, Investors and Speculators of Charts📈📉

After closely monitoring the market trends following our previous idea of shorting until the 25K mark, it has become apparent that there is a notable increase in selling activity. Despite witnessing a decent rebound at the 25K support zone, it was met with an equivalent level of selling pressure, resulting in the price experiencing a downward trajectory with lower highs.

Furthermore, it is crucial to take into account the occurrence of a double top formation in the daily timeframe. This technical pattern typically indicates a reversal in the price trend and suggests a bearish outlook for the short term. It implies that the market has made two unsuccessful attempts to surpass a certain price level, highlighting the presence of significant selling pressure and a potential decrease in investor confidence.

Considering these factors, it is prudent to exercise caution and be mindful of the prevailing bearish sentiment in the market. Traders and investors may need to reassess their strategies and potentially explore short-term trading opportunities that align with the current bearish trend.

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I've been consistently bearish in my short term outlooks but bullish longer term, as seen below:

However, I remain BULLISH for the longer term and do not expect us to drop any lower that 23K.


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