BTCUSD BEARISH FORECAST
Attention:
Price levels to pay attention to:
1. $19,157 is Point of Control (The highest traded volume level for 2022)
2. $19,000 to $20,000 (Consolidation)
3. Price to $17,593 (if $18,800 sup fails to hold)
4. Breakdown of $15,551 (invalidation for bull)
BTC has been trading lower year+ months, our chat study shows.
The 1D falling resistance has been respected for a long and it has been broken 3rd October, additionally the 1D candles closed above the breakout (Sign of Bullish).
If the breakout remain positive the price have to complete retest level around &19,000.
If bull scenario happen then, it'll pull up to $22,877 and $25,326, (difficult scenario).
BTC has been trading lower within the two horizontal support and resistance range since June, this is what made it to hold a resistance at $25,320 and support level at $18,794, now bears has dominated market where they may probably break the support which has been a POC and breaking that may get BTC to trade lower to around 15,80/ or down to $11,989.
The price has formed descending parallel trend channel, from $25,292 to POC which is now expected to reach next point level $17,588 or $15,519.
Now looking to overall trend suggests further down for BTC, where the POC only can give bulls hope if it holds. Breaking down the POC will bring more damage to BTC and it's holders where targets in view for bears are:
1. $17,593 (Has been area of support)
2. $15,800 (1000 plus BTC holding area)
2. $15,519 (Has been area of support temporarily)
3.$13,575 and
4. $11,989 breaking the level will hints to more down to 10k.
Whatever we remain bearish meantime, and we've not seen big hope for buyers other than POC, but it has to be taken into consideration.
Now we'll keep shorting BTC up to $19,096, then we wait for the breakout or pullback.
Price levels to pay attention to:
1. $19,157 is Point of Control (The highest traded volume level for 2022)
2. $19,000 to $20,000 (Consolidation)
3. Price to $17,593 (if $18,800 sup fails to hold)
4. Breakdown of $15,551 (invalidation for bull)
BTC has been trading lower year+ months, our chat study shows.
The 1D falling resistance has been respected for a long and it has been broken 3rd October, additionally the 1D candles closed above the breakout (Sign of Bullish).
If the breakout remain positive the price have to complete retest level around &19,000.
If bull scenario happen then, it'll pull up to $22,877 and $25,326, (difficult scenario).
BTC has been trading lower within the two horizontal support and resistance range since June, this is what made it to hold a resistance at $25,320 and support level at $18,794, now bears has dominated market where they may probably break the support which has been a POC and breaking that may get BTC to trade lower to around 15,80/ or down to $11,989.
The price has formed descending parallel trend channel, from $25,292 to POC which is now expected to reach next point level $17,588 or $15,519.
Now looking to overall trend suggests further down for BTC, where the POC only can give bulls hope if it holds. Breaking down the POC will bring more damage to BTC and it's holders where targets in view for bears are:
1. $17,593 (Has been area of support)
2. $15,800 (1000 plus BTC holding area)
2. $15,519 (Has been area of support temporarily)
3.$13,575 and
4. $11,989 breaking the level will hints to more down to 10k.
Whatever we remain bearish meantime, and we've not seen big hope for buyers other than POC, but it has to be taken into consideration.
Now we'll keep shorting BTC up to $19,096, then we wait for the breakout or pullback.
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