Bitcoin Still Weak

Been a while since I did some TA for Bitcoin! My outlook remains bearish as it has done for the past 4 months. It seems clear that we are ready to breakdown from a Descending Triangle which I'm sure everyone sees. There's possibly a trade soon as the RSI looks almost oversold and I expect a small rally up soon. But Bitcoin -2.35% 0.30% looks pretty weak right now I can imagine it struggling to surpass even the 50 Day MA before heading back down.

I'm still looking for 5k to be tested, and from there we can see if it's strong enough to hold. Otherwise 4k and then 3k are my next support zones to be looking for.

Check out the prediction I made a few months back, It's been pretty accurate so far:

Comment:

Still consolidating. It wouldn't surprise me to see a repeat of July and drop down to 6k, shaking out longs before having another short squeeze and pushing back up to the top of the triangle. This seems to be how this market is performing right now. Shorts are higher than longs at this present time which can be an indicator of a squeeze incoming soon.

Comment:

Strong rejection from the 50 Day MA. Very bearish sign. However, Shorts are still way higher than Longs, so I can't see the market allowing us to drop without squeezing some more out of Shorts. Whether we have enough fuel for a decent rally is anyone's guess. Personally I would be staying away from going Long, and wait for a decent opportunity to go short if we decide to have a small rally up.

Comment:

Bears still have a lot of control, 2 days of red wiped out weeks of upside. 5k test is likely to come soon.