BTCUSDT ! Development of the situation. A downward trend🤯

2022年8月20日

BITCOIN. The classic situation with the price movement in the downward channel. Testing of the channel resistance by a false breakdown and a strong momentum of 10%.

On the chart from June 19 an upward wedge was formed - a bearish set-up, which implies that the trading instrument will continue to fall, which is what we actually saw. The moment of breaking through the wedge and testing resistance of the channel was in one place.



Trend lines MA 50 and MA 200. You can see on the chart how the price breaks through these levels by impulse. The level of 21723, formed on June 21, was also broken. Consolidation under the level is formed.



I assume since we have a downtrend, a downward price channel, downward trend lines, a test of channel resistance and strong momentum after breaking the upward wedge support, all converge on the development of a short potential.

Sincerely R. Linda