Yesterday I made an analysis on Bitcoin and a potential looming reversal. I argued that the reversal was either occurring at the second or the first indicated trend line on the chart below. In the end, there was more bearish pressure and BTC even went below 40k for a while. At least, the second trend line held, which makes our trading pattern a bearish channel.
With the FED making a relatively bullish statement only a few minutes ago, and the CCP willing to bail out the economy as well, things are looking good again. At least for the short term.
As for Bitcoin, I think we're going to see the top of the bearish channel fairly soon. This could lead to the continuation of the channel, targeting $40k again in the coming weeks.
On the other hand, the current bearish channel could develop into a bull-flag break out. For this, I'm targeting $48k in the coming days.
Happy trading!
With the FED making a relatively bullish statement only a few minutes ago, and the CCP willing to bail out the economy as well, things are looking good again. At least for the short term.
As for Bitcoin, I think we're going to see the top of the bearish channel fairly soon. This could lead to the continuation of the channel, targeting $40k again in the coming weeks.
On the other hand, the current bearish channel could develop into a bull-flag break out. For this, I'm targeting $48k in the coming days.
Happy trading!
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