I am sharing following points I have regarding current price movement of BTC.
Bearish Scenario
1. BTC broke through the rising wedge and I have marked the target based on rising wedge (NOT saying this would occur but just sharing the target of pattern)
2. We had a death-cross which means we are going towards long-term bearish trend which can last from 1-3 months maybe more.
3. Price is attempting to break $41.5k level so $40.5k level is conquered and once that happens then all hell will break loose.
Bullish Scenario
1. Bulls may allow bears to break $40.5k support to touch $39.5K once again which will create a double bottom which is a bullish pattern and if that plays out then we are looking back at $45K levels
2. Bulls may hold $40.5k level as a fort and buying force returns back and take BTC back to $45k level (Long shot highly unlikely)
3. I don't see any more bullish scenario except some miracle happens and we are back at $50k
Conclusion : Bears are way strong at the moment although I am not a bear nor my analysis is biased, I always look at all aspects on a chart and then come to a conclusion. Fundamentally BTC needs some sort of a catalyst to turn bullish but that too seems less likely because investors seem to be staying on a sidelines and playing it extra cautious.
Bearish Scenario
1. BTC broke through the rising wedge and I have marked the target based on rising wedge (NOT saying this would occur but just sharing the target of pattern)
2. We had a death-cross which means we are going towards long-term bearish trend which can last from 1-3 months maybe more.
3. Price is attempting to break $41.5k level so $40.5k level is conquered and once that happens then all hell will break loose.
Bullish Scenario
1. Bulls may allow bears to break $40.5k support to touch $39.5K once again which will create a double bottom which is a bullish pattern and if that plays out then we are looking back at $45K levels
2. Bulls may hold $40.5k level as a fort and buying force returns back and take BTC back to $45k level (Long shot highly unlikely)
3. I don't see any more bullish scenario except some miracle happens and we are back at $50k
Conclusion : Bears are way strong at the moment although I am not a bear nor my analysis is biased, I always look at all aspects on a chart and then come to a conclusion. Fundamentally BTC needs some sort of a catalyst to turn bullish but that too seems less likely because investors seem to be staying on a sidelines and playing it extra cautious.
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