It’s short because:
- We are in a mid-term downtrend
- Price is struggling to hold the 30K zone made a continuation flag pattern
- Indicators also approve bearish momentum
The $30K zone highlighted with a box in the chart is a strong demand area. Price is struggling to hold on support, there is also the mid-term uptrend line have been touched (Dashed blue ray) and must be broken before it can go any deeper.
In the case of losing the $30K zone, the $20K zone would be the next stop and in my opinion, it is more likely to happen.
There is no doubt that the price has to go through some tough challenges to turn up the trend, one of the challenges will be the break of the descending trendline (the blue one). But 30K zone is a strong helper. I'll update the idea in the case.
BTW, $31500 is my stop loss level.
Trend Key Points Indicator have been used to draw important key levels and key points.
- We are in a mid-term downtrend
- Price is struggling to hold the 30K zone made a continuation flag pattern
- Indicators also approve bearish momentum
The $30K zone highlighted with a box in the chart is a strong demand area. Price is struggling to hold on support, there is also the mid-term uptrend line have been touched (Dashed blue ray) and must be broken before it can go any deeper.
In the case of losing the $30K zone, the $20K zone would be the next stop and in my opinion, it is more likely to happen.
There is no doubt that the price has to go through some tough challenges to turn up the trend, one of the challenges will be the break of the descending trendline (the blue one). But 30K zone is a strong helper. I'll update the idea in the case.
BTW, $31500 is my stop loss level.
Trend Key Points Indicator have been used to draw important key levels and key points.
