BTC seems to be confirming a downtrend. Watch the key levels! Short

Bitcoin / United States DollarCoinbase

Description

⋅ May 21, 2020 4:41 PM

This scenario will change if:
- There's a weekly close below the 8.400 $ level.
- There's a weekly close above the 10.500 $ level.

Watch your stops! Halving effects are not instantaneous!

Wave Analysis Trend Analysis Bitcoin (Cryptocurrency)bitcoinforecast halving halving2020

Comments

tomdelic

⋅ May 21, 2020 4:45 PM

i don't get it.. It broke through the upside of the downtrend according to your graph, and it's retesting this downtrend line (but still above) and you say that it's confirming a downtrend.. Therefore it has to break down again.. right?

schoofsremco

⋅ May 21, 2020 4:57 PM

@tomdelic indeed it’s a break & retest if it closes above the line so I’m seeing this more bullish

eduardperez

⋅ May 22, 2020 5:58 AM

@tomdelic, yes, it broke the downtrend line. Sorry, what I meant to say is that we can have a short-term downtrend to retest the 7.5k level, but as you say, the medium/long term trend is still bullish.