Potential Path's Ahead
Right now bitcoin has multiple rejections off the 61.5k price level which is a 50% fib from the last high to the most recent low. These rejections are not good for further upside price movement. On the daily timeframe we have a death cross of the 50 and 200 SMA and a bearish Ichimoku trend.
If we zoom out to a 2 week time frame and a 3 week time frame, the MACD has crossed over giving bearish signals for weeks ahead. These crossovers have signaled the end of every rally in bitcoins history something to not take lightly.
44.5k is a very important level to hold. It is the entire trends 50% fib and also the macro trendline dating back to the start of the uptrend, it has up to this point propelled price to new highs.
Failing to hold 44k as a support, we could see a deeper correction to the mid 30k to high 20k levels.
As for me, there are many bearish signals pointing to a deeper correction but like I said 44k will be the decision point as to which direction price decides to go.
Happy trading!
If we zoom out to a 2 week time frame and a 3 week time frame, the MACD has crossed over giving bearish signals for weeks ahead. These crossovers have signaled the end of every rally in bitcoins history something to not take lightly.
44.5k is a very important level to hold. It is the entire trends 50% fib and also the macro trendline dating back to the start of the uptrend, it has up to this point propelled price to new highs.
Failing to hold 44k as a support, we could see a deeper correction to the mid 30k to high 20k levels.
As for me, there are many bearish signals pointing to a deeper correction but like I said 44k will be the decision point as to which direction price decides to go.
Happy trading!
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