Bitcoin has formed a large descending triangle and we have formed another lower high as indicated on the chart.
This is bearish on the short term, therefore I do not recommend entering a long here on BTC or alts, simply because we are likely to re-test the $50k level again before a breakout can take place.
If that happens, it will be a prime entry for longs, alternatively if we happen to break the resistance before we re-test the support, that can also be a good entry, to be seen. For now, the chart appears quite clear and you can explore a short towards support or simply wait.
The 4h indicators are also bearish right now, at least in the nearby future. Daily indicators are a bit flat and neutral, so don't think there is much to change this view.
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This is bearish on the short term, therefore I do not recommend entering a long here on BTC or alts, simply because we are likely to re-test the $50k level again before a breakout can take place.
If that happens, it will be a prime entry for longs, alternatively if we happen to break the resistance before we re-test the support, that can also be a good entry, to be seen. For now, the chart appears quite clear and you can explore a short towards support or simply wait.
The 4h indicators are also bearish right now, at least in the nearby future. Daily indicators are a bit flat and neutral, so don't think there is much to change this view.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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