The upwards trend has clearly been broken, as seen by the double Trendlines (C-forks).
Price is due for a retest of the trendline at roughly 48.5k. This will mark an entry point for a high probability Short with RR of 3.5
Given the HTF support area around 41k, price is likely to bounce there, which would make for a great TP area for the short entry.
If this support will ultimately hold is the question..
Overall, purely in terms of TA, the current price action reminds me alot of 2019/2020 before the Crash in March (I'm NOT saying there will be another similar crash...)
As a matter of fact the PA is practically identical. As you can see below, price broke the first fork, retested it, then the second, retested that one too, and then dropped further.
If we zoom out a bit, it seems likely that this recent run is due for a full retrace or at least a retrace to the 0.236 fib retracement level at $34500, which would also coincide with a major bullish continuation trendline.
As always, nothing is written, but history often rhymes and this current price action merits some hedging or at least some significant risk reduction.
Cheers,
MM :)
BTCUSD
BTCUSD
BTCUSD
Price is due for a retest of the trendline at roughly 48.5k. This will mark an entry point for a high probability Short with RR of 3.5
Given the HTF support area around 41k, price is likely to bounce there, which would make for a great TP area for the short entry.
If this support will ultimately hold is the question..
Overall, purely in terms of TA, the current price action reminds me alot of 2019/2020 before the Crash in March (I'm NOT saying there will be another similar crash...)
As a matter of fact the PA is practically identical. As you can see below, price broke the first fork, retested it, then the second, retested that one too, and then dropped further.
If we zoom out a bit, it seems likely that this recent run is due for a full retrace or at least a retrace to the 0.236 fib retracement level at $34500, which would also coincide with a major bullish continuation trendline.
As always, nothing is written, but history often rhymes and this current price action merits some hedging or at least some significant risk reduction.
Cheers,
MM :)
BTCUSD
BTCUSD
BTCUSD