Not much has change with BTC since my last post. Overall, the chart looks extremely bearish.
Things to note:
- Rejection @ downward sloping trendline formed from Nov ATH
- Inability to break back into & close above BF support
- 100 DEATH CROSS below 50SMA
- 9 crossed below 21SMA extremely bearish
- Re-test July liquidity zone, held so far
- Re-test of June low, coming up next?
LT thesis remains in-tact. We are most likely going to set new lows in this market before the bear is done.
IF we get a bounce tomorrow before/with the FED, I would expect the 9 & 21SMA cross to be the target @ $20k-ish.
Things to note:
- Rejection @ downward sloping trendline formed from Nov ATH
- Inability to break back into & close above BF support
- 100 DEATH CROSS below 50SMA
- 9 crossed below 21SMA extremely bearish
- Re-test July liquidity zone, held so far
- Re-test of June low, coming up next?
LT thesis remains in-tact. We are most likely going to set new lows in this market before the bear is done.
IF we get a bounce tomorrow before/with the FED, I would expect the 9 & 21SMA cross to be the target @ $20k-ish.