Hey everyone, what’s your view on Bitcoin at the moment?
From a technical standpoint, Bitcoin is clearly in a downtrend, moving within a descending channel that shows strong bearish momentum. The price is currently at an important support level after a significant drop. As the market approaches the upper boundary of the channel, the convergence of support levels could trigger renewed selling interest.
I believe the price could dip back to around $100,000, close to the lower end of the channel. At that point, we might see some initial buying pressure, with buyers possibly entering long positions. On the other hand, sellers could consider shorting if the price continues to break lower.
Do you agree with this short-term outlook?
From a technical standpoint, Bitcoin is clearly in a downtrend, moving within a descending channel that shows strong bearish momentum. The price is currently at an important support level after a significant drop. As the market approaches the upper boundary of the channel, the convergence of support levels could trigger renewed selling interest.
I believe the price could dip back to around $100,000, close to the lower end of the channel. At that point, we might see some initial buying pressure, with buyers possibly entering long positions. On the other hand, sellers could consider shorting if the price continues to break lower.
Do you agree with this short-term outlook?
Trade active
Free Telegram Signals: t.me/+E4ZNW3ZeXiQ1Y2M9
Related publications
Disclaimer
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.
Free Telegram Signals: t.me/+E4ZNW3ZeXiQ1Y2M9
Related publications
Disclaimer
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.