Bitcoin (BTCUSD) Market Breakdown - How Long Would It Lasts?
Bitcoin has been in a healthy downtrend, despite the optimism from the crowds.
Yesterday, price attempted to re-visit 30,600 area, but faced immediate selling pressure, pushed back towards the lows of the current range at 28,600 - 29,000.
As for now, the 4h EMAs are well intact - 18ema below 50ema, the primary sign of a healthy downtrend. As long as the EMAs sequences are intact, any short-term rally is just another opportunity to go short.
I do not suggest any of you to short in between the zone (28,600 - 29,000), there are two ways i'm looking for some short-term plays on BTC
1. Another re-visit at 30,600 OR possibly a false break above - its the ideal entry that provides great RR return if your target is at the low (26,000)
2. Wait for a solid break below 28,600 for a Momentum Breakout setup, this is a rather conservative setup
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
Yesterday, price attempted to re-visit 30,600 area, but faced immediate selling pressure, pushed back towards the lows of the current range at 28,600 - 29,000.
As for now, the 4h EMAs are well intact - 18ema below 50ema, the primary sign of a healthy downtrend. As long as the EMAs sequences are intact, any short-term rally is just another opportunity to go short.
I do not suggest any of you to short in between the zone (28,600 - 29,000), there are two ways i'm looking for some short-term plays on BTC
1. Another re-visit at 30,600 OR possibly a false break above - its the ideal entry that provides great RR return if your target is at the low (26,000)
2. Wait for a solid break below 28,600 for a Momentum Breakout setup, this is a rather conservative setup
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
