My last post was about DOTUSDT, where I showed how it would dump to its next support level, which it did (link down below)
Today, we are going to take a look at BTCUSDT where I would be explaining why we are bearish on the long term, as we might see new lows going to be reached.
First, BTCUSDT is doing the same scenario as it did a couple of months ago, where it consolidated on the higher timeframe, then continued to form new lows after that volatility has spiked.
Second, BTCUSDT has clearly reacted to the 200 weekly EMA, after resting it as resistance. I explained this situation in one of my latest posts.
In conclusion, I think that we are going to be bearish for the most part until the end of this month, even the long term most probably.
Please comment if you have any questions, I will try my best to answer them. Thank you😊