UltimateCryptoTrader

Time to be bearish on Bitcoin?

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello traders,

today I will show you why and when is good time to be bearish on Bitcoin .

Current situation - almost whole month goes bitcoin down from new ATH.
Situation on market is not easy, because many traders have open long position and every day they are loosing money.

But, is it good time to be bearish?
Yes, it's possible, but not now. If you check daily chart , you will see that bitcoin still didn't make lower low and lower high.

Lower low and lower high is very importatn formation for trend reversal!!!

In case bitcoin should go to bearmarket, is imporatnt to close lower then 40 500USD. When the price is above this level, still is very big chance to go up.

If price drops down, below 40k, don't close your long position. You can close this position on retest 50-54k. In this are is quite big volatility and price will go there for sure.

I hope, my analysis helps you in your trading.

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