BTCDOWN is on the brink of a breakout from the looks of things and if it confirms above the $0.062 level, the inverted asset could see a 56% move to the upside before running into any true resistance.
This of course could mean very bad things for Bitcoin and the crypto market unfortunately.
If you are a Bitcoin bull, you are praying for a rejection here and ultimately a breaking of the green trendline which has given BTCDOWN higher low after higher low since bottoming back in April.
If you are a Bitcoin bear, then this may be the trade for you as there is juicy upside here without the need for any leverage.
A close eye will need to be watched on this one as the unlocking of Grayscale bitcoin on July 18 looms.
This of course could mean very bad things for Bitcoin and the crypto market unfortunately.
If you are a Bitcoin bull, you are praying for a rejection here and ultimately a breaking of the green trendline which has given BTCDOWN higher low after higher low since bottoming back in April.
If you are a Bitcoin bear, then this may be the trade for you as there is juicy upside here without the need for any leverage.
A close eye will need to be watched on this one as the unlocking of Grayscale bitcoin on July 18 looms.
It is now back-testing this trendline, and if an expected rejection occurs, it could mean big things for Bitcoin and the overall crypto market in the immediate future.
Keep in mind, that bitcoin bulls are not finished. BTCDOWN must see a lower low on the chart by breaking the $0.05 price level. And it must do so decisively.
Getting a rejection at the current green trendline will not be enough so continue to exercise caution.