Today I will look at the BTC/ USDT pair on Binance in the 4h timeframe. The demand zone is sitting around 16K, and the supply zone is around 17K. I can see that the descending triangle is formatted, and I am expecting that the price will go downward from its current position. I am expecting a downtrend, bearish movement, and the price of Bitcoin to go down to at least $16200 in the next few days. Even if we had some small uptrend situations in the past few days, we are still in a bearish cycle. If the opposite happens (a bullish movement), we can expect the price to rise around $18,000, but I doubt it.
I have no complaints about the analysis and description, everything is fine here, as usual, my friend. But current market movements and recent news advise me to skip this idea. By the way, do you somehow analyze the news when putting together your ideas?
elfabiiani
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@Solldy, Yes, I do analyze the news, but it is always what you prefer. So if you feel like skipping this idea, then you should. Simple as that, but I still think that we will go down from where the current price of Bitcoin is right now. It is just my opinion. Have an amazing day!