Currently, we've been in a downtrend for the past couple months, falling about 50% so far from the all time high of 19,900 USD.
Bitcoin has made a small recovery from the low 5,873 USD but we're still not in a long-term bullish trend yet. For that, we need BTCUSD to break out of the current descending channel.
Currently it's testing the top trendline of the channel, and if it breaks out we can enter long on a retest.
However, if Bitcoin fails to break upwards then we're in for another wave down. And let me tell you, we are in for a very far fall.
Long term if the price were to drop lower and break 5000 USD, I would expect to see 2500 USD as well.
Do your due diligence before trading.
Bitcoin has made a small recovery from the low 5,873 USD but we're still not in a long-term bullish trend yet. For that, we need BTCUSD to break out of the current descending channel.
Currently it's testing the top trendline of the channel, and if it breaks out we can enter long on a retest.
However, if Bitcoin fails to break upwards then we're in for another wave down. And let me tell you, we are in for a very far fall.
Long term if the price were to drop lower and break 5000 USD, I would expect to see 2500 USD as well.
Do your due diligence before trading.
Comment:
Bitcoin is looking to retest the trendline from inside the channel. Let's see if it can breakout and hold this time.
4H idea concerning Bitcoin and retesting the descending trendline.