In my most recent BTC (and other) analyses I have been quite optimistic about the market. However, the drop from $46k to $41k has been brutal and made me doubt my optimism. Henceforth, I'm going to look with a more bearish note to the market.
The yellow dotted line, combined with the $40k support, is the Bull's last hope for a meaningful reversal. Even if it holds for now, there's still the bearish trend line to get through. Bears are clearly in favor at the moment.
If we're going to close the week below $40k, there's a decent possibility that we're going to visit the $30k support again. In that case, the bull-market would be very close to being over. I'd advise all buyers to be aware of the clear bearish bias in the market and wait for a clear reversal pattern before going long.
Happy trading!
The yellow dotted line, combined with the $40k support, is the Bull's last hope for a meaningful reversal. Even if it holds for now, there's still the bearish trend line to get through. Bears are clearly in favor at the moment.
If we're going to close the week below $40k, there's a decent possibility that we're going to visit the $30k support again. In that case, the bull-market would be very close to being over. I'd advise all buyers to be aware of the clear bearish bias in the market and wait for a clear reversal pattern before going long.
Happy trading!
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