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viranp33
Jan 25, 2022 2:00 PM

BTC - Further downside price action?  Short

BITFINEX:BTCUSD1W
Bitcoin / DollarBitfinex

Description

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I still feel like we are not out of the woods yet with the bearish sentiment on BTC.

There are a couple of signs I am seeing that indicate to me we could still have more downside price action over the coming weeks.

The Weekly chart breakdowns like this for me
  • The break of the Ichimoku cloud
  • The leading Ichimoku cloud has also started to crossover into the red
  • This weeks candle has currently tested the cloud and rejected as resistance


There is also a head and shoulders pattern at play there, but I am not entirely sure how much of a confluence that will be.

I am expecting to see us hit the $29,700 zone to complete its full retracement - I just hope that this level holds.

Comment

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Well, that worked out a treat!
Chart PatternsTechnical IndicatorsBTCcryptoCryptocurrency
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