BITCOIN (BTC/USD): short-term perspective. What is the next move

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Undoubtedly, the overall sentiment of Bitcoin remains bearish .

Taking a look at the recent price movements, we can clearly observe that the price is sitting on a crucial area of support. More to it, the price is trading within the borders of the descending channel illustrated on the graph, and impulsive bullish candles have been able to successfully reject the upper boundary of it. The recent bearish pressure gives us enough confidence to go short from here.

The area of the recent low plotted on the graph is our initial target.

Happy trading, family!

Interested in receiving trades/signals, education and tons of other quality content? Then shoot us a message on Telegram @investroycontact🧙

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.