I still remain bearish on Bitcoin as there is no clear reason to be bullish aside from the weekly weak uptrend as the price keeps on finding support at $33500, 50 weekly EMA.
However finding support at 50 weekly EMA isn' some thing which has been in Bitcoin history bullish. The fact that Bitcoin broke below 20 weekly EMA meant a trend change unfortunately.
As the price continues to find resistance on 20 EMA, it signifies a strong downtrend being present.
I look for a retest of $34000, then a test of downtrend line at $35000 and then a retest of $30000 as a breakdown of this bearish pattern.
Use this information wisely!
However finding support at 50 weekly EMA isn' some thing which has been in Bitcoin history bullish. The fact that Bitcoin broke below 20 weekly EMA meant a trend change unfortunately.
As the price continues to find resistance on 20 EMA, it signifies a strong downtrend being present.
I look for a retest of $34000, then a test of downtrend line at $35000 and then a retest of $30000 as a breakdown of this bearish pattern.
Use this information wisely!
Comment:
The price of Bitcoin is still located in bespoke descending triangle as 4h time frame confirms.
Comment:
As the downtrend line was broken the idea is no longer valid.
