TRADEPROAcademy

BTC getting weak, downside to 5300-6000 based on candlesticks

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC has been on a solid downtrend over the past 6 months, ever since the top out just shy of the $14,000 level BTC has been creating lower highs and lower lows and looks to continue based on the technical analysis .
In order for BTC to break the downside trend it has to break above the previous impulse start of the downtrend and hold it as support, which means breaking above 8000 and holding the 7500-7600 level as support. This is not the case.

So far the cryptocurrency printed a double top at the 7500 area and a recent lower high with extended bear candle wicks holding some downside pressure. From here we have to see a break below 7000 into the end of this week on strong volume . The ultimate level to break is 6700 in order for price to create a lower low.

Disclaimer: This idea is for educational purposes only, this does not constitute trading or investment advice. TRADEPRO Academy is not responsible for any market activity.
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Comments

Possible! There is also possibility to going up
+1 Reply
TRADEPROAcademy VincePrince
@VincePrince, agreed! we're only as good as the information we're given. Thanks for the comment :)
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