BTCUSD - Longs watch out!
BTC chart is giving warning signs of breaking down in the coming days.
Reasons, in chronological order:
1. Price broke down from an upward trending megaphone pattern
2. Price did manage to get back to just the the midline of the megaphone pattern before trending down in a downward channel (dotted orange lines)
3. Price broke down with a sizeable red bar through both the megaphone and lower channel line
4. Price barely managed to retrace to the underside of the lower orange channel line twice and failed to break out (yellow arrows)
5. There is a longer-term support area denoted by the blue lines 25000 and 26400. Should this area not hold, the recent uptrend is at the very least on hold. As an aside, the corresponding resistance is at 31000 and the midline (not drawn) around 28000, both areas to watch for price behavior once it makes it back up there
6. Bullish scenario: Price breaking above the lower orange channel line and at least 28000
Reasons, in chronological order:
1. Price broke down from an upward trending megaphone pattern
2. Price did manage to get back to just the the midline of the megaphone pattern before trending down in a downward channel (dotted orange lines)
3. Price broke down with a sizeable red bar through both the megaphone and lower channel line
4. Price barely managed to retrace to the underside of the lower orange channel line twice and failed to break out (yellow arrows)
5. There is a longer-term support area denoted by the blue lines 25000 and 26400. Should this area not hold, the recent uptrend is at the very least on hold. As an aside, the corresponding resistance is at 31000 and the midline (not drawn) around 28000, both areas to watch for price behavior once it makes it back up there
6. Bullish scenario: Price breaking above the lower orange channel line and at least 28000
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