1M BTCUSD: OK...another leg down.. looking at low 30K next
As above.
As previously published... I expected a continued down trend in BTCUSD from the 40K range and it is unfolding right in front of us.
1M chart and MACD and RSI very telling to me for bearish continuation over the next many months and I believe next target to be in the low 30K range.
1M chart might be forming a head and shoulders pattern as well and that is not a good sign for any significant bull run or ATH to occur in early to mid 2022. In fact, I believe from historical trend that an ATH again will not be seen until after 2024/after next halving and maybe not until 2025 baring any black swan event.
Bitcoin MVRV Ratio still is trending down and has yet to reach below 1 so BTCUSD bottom has NOT been reached yet as far as I am concerned. Suck it Plan B.
Would not be surprised if we get a little bounce here but watch out for unexpected panic selling and another big red candle down over the next few days and weekend!
Good luck traders!
As previously published... I expected a continued down trend in BTCUSD from the 40K range and it is unfolding right in front of us.
1M chart and MACD and RSI very telling to me for bearish continuation over the next many months and I believe next target to be in the low 30K range.
1M chart might be forming a head and shoulders pattern as well and that is not a good sign for any significant bull run or ATH to occur in early to mid 2022. In fact, I believe from historical trend that an ATH again will not be seen until after 2024/after next halving and maybe not until 2025 baring any black swan event.
Bitcoin MVRV Ratio still is trending down and has yet to reach below 1 so BTCUSD bottom has NOT been reached yet as far as I am concerned. Suck it Plan B.
Would not be surprised if we get a little bounce here but watch out for unexpected panic selling and another big red candle down over the next few days and weekend!
Good luck traders!
Comment:
Yep. Will Lower red support channel line HODL???