ðĨ Bitcoin Double Bearish Divergence: Caution! ðĻ
With BTC failing to break confidently through 31,000$, a bearish short-term scenario for BTC becomes more and more likely.
As seen on the chart, Bitcoin is experiencing a double bearish divergence on the 3-day chart, which started forming all the way at the start of 2023. The first (yellow) bearish divergence is arguably already "over", since the fall from 31k to 25k. However, the blue (second) bearish divergence is still very much alive and poses a risk to bullish investors.
A daily close below 29,500$ would dramatically increase the risk of a change in trend towards the bearish side. First support being the bottom dotted support line.
This move would be in line with my most recent bearish analysis for Bitcoin where we would trade in a bearish symmetrical channel, see below.
Over the long-term, I'm still bullish and of the conviction that the bottom is most likely in. Nevertheless, there's always a risk of shorter term bearish periods.
Share your thoughts in the comments ð
As seen on the chart, Bitcoin is experiencing a double bearish divergence on the 3-day chart, which started forming all the way at the start of 2023. The first (yellow) bearish divergence is arguably already "over", since the fall from 31k to 25k. However, the blue (second) bearish divergence is still very much alive and poses a risk to bullish investors.
A daily close below 29,500$ would dramatically increase the risk of a change in trend towards the bearish side. First support being the bottom dotted support line.
This move would be in line with my most recent bearish analysis for Bitcoin where we would trade in a bearish symmetrical channel, see below.
Over the long-term, I'm still bullish and of the conviction that the bottom is most likely in. Nevertheless, there's always a risk of shorter term bearish periods.
Share your thoughts in the comments ð
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