We saw BTC making a bloody day today with a clear sign of bearishness as btc made an attempt for the invalidation level for the first time in recent times. This is a clear bearish warning, even though how the price action plays out today and tomorrow will fully determine our bias, its not looking good at all.
A breakdown of the demand at 50k area means we are possibly going to test the demand at 46k area, and even possibly the 38k area.
On the weekly, it seems we are going to see an SFP and most traders are likely to go short, which can cause the invalidation level to break and then we are full blown bearish, as well, the weekly candle is printing an Outside Bar, which means any direction either upside or downside can ensue. While btc is at it, its good to be careful with longs until a sense of direction is determined.
A breakdown of the demand at 50k area means we are possibly going to test the demand at 46k area, and even possibly the 38k area.
On the weekly, it seems we are going to see an SFP and most traders are likely to go short, which can cause the invalidation level to break and then we are full blown bearish, as well, the weekly candle is printing an Outside Bar, which means any direction either upside or downside can ensue. While btc is at it, its good to be careful with longs until a sense of direction is determined.