BTC - LOOKING AT ALL SCENARIOS INCLUDING HERE - CryptoManiac101
BITCOIN / USD TA
Now although my overall sentiment is bullish on the market as seen by the prior two Bitcoin charts, it is always important to look at all scenarios, like this one, a bearish scenario, if Bitcoin fails to break key resistance levels here.
Funny enough, while looking at the bearish scenarios for Bitcoin, noticed that Bitcoin is following another bullish pattern, the 'Bull Flag', and is nearing 90% completion.
But let's get back to the bearish scenario. As you can see we are battling to keep above $53,000 levels for Bitcoin. In the event that we see a downward break, you can expect the next support to be at around $49,500 followed up by a secondary FIB support at $38,700.
Currently on the micro scale I would say we are 'Neutral' in terms of the price action, but break 53k and we are back in the camp of being bearish.
So, what are the key take aways from this chart?
We want to stay in this channel and we need to see a bounce for Bitcoin by mid July and a retest of key channel resistance levels by end of July or early August. At this time everything still looks just alright, and we sure have some interesting hidden black swan events coming up this election year that may or may not have massive consequences for the crypto markets.
Now although my overall sentiment is bullish on the market as seen by the prior two Bitcoin charts, it is always important to look at all scenarios, like this one, a bearish scenario, if Bitcoin fails to break key resistance levels here.
Funny enough, while looking at the bearish scenarios for Bitcoin, noticed that Bitcoin is following another bullish pattern, the 'Bull Flag', and is nearing 90% completion.
But let's get back to the bearish scenario. As you can see we are battling to keep above $53,000 levels for Bitcoin. In the event that we see a downward break, you can expect the next support to be at around $49,500 followed up by a secondary FIB support at $38,700.
Currently on the micro scale I would say we are 'Neutral' in terms of the price action, but break 53k and we are back in the camp of being bearish.
So, what are the key take aways from this chart?
We want to stay in this channel and we need to see a bounce for Bitcoin by mid July and a retest of key channel resistance levels by end of July or early August. At this time everything still looks just alright, and we sure have some interesting hidden black swan events coming up this election year that may or may not have massive consequences for the crypto markets.
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