Mihai_Iacob

Bitcoin- Is now or... a new low:)

Mihai_Iacob Updated   
COINBASE:BTCUSD   Bitcoin
In my yesterday's comment, I've written that bulls must keep the 20k confluence of supports intact, and is imperative to have a reversal from here if we are to hope for 25k soon.
At the end of the post, though, I've warned that the trend is grossly bearish and this is a highly speculative and risky trade...
At the moment of writing, Bitcoin is hovering around 20k, and even if technically my yesterday's analysis can still work, things are not looking good.
There is an obvious lack of power and interest when it comes to BTC and the crypto market and what seemed to be a break of a triangle can be in fact a flag ready to be broken to the downside.
So, as the title says, bulls must reverse from here, and soon and for confirmation BtcUsd needs to pass 21k, only then we can hope for 25k.
On the other hand, a break under this support would negate the 19500 higher low, would put the flag into play, and most probably will lead to a new low under 17500

I'm closing my long trade on BE and wait and see.


Comment:
The break down looks imminent and the bullish scenario is invalidated.
I m looking to sell above 20k

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