🔥 Bitcoin Falling After Fake Out: Bearish Outlook
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Yesterday I made a short term Bitcoin analysis of the minor bullish break out that happened. Low volume on the break out and the ongoing consolidation made me believe there was a high chance for a fake out. See my old post for reference:
This morning we wake up with a very strong bearish move from Bitcoin. Overnight, BTC managed to drop over 7% from the 39.4k high yesterday, falling back into the pennant.
This strong drop has made me believe that we're not going to see a push to 40k anymore this week. Seeing this move, my outlook has switched from neutral to slightly bearish.
At the moment, the next stop will be 35.5k, around the pennant support. Either of two things can happen. The pennant support will hold, and the price will follow the pennant's structure in the short term. Or, the pennant's support will fail to hold, and we will see a bearish break out.
In my previous analysis I argued that a pennant inside a strong trend is usually a continuation pattern. There's a big chance that we will either visit the 33.5k support or even the 31k-30k support area. I've marked the latter with green.
In my eyes, the green zone will be the best entry zone for cheap alts. Assuming we will visit the entry zone, alts might be 30-50% cheaper than their current prices, making it a perfect buying opportunity to trade a reversal.
Happy trading!
This morning we wake up with a very strong bearish move from Bitcoin. Overnight, BTC managed to drop over 7% from the 39.4k high yesterday, falling back into the pennant.
This strong drop has made me believe that we're not going to see a push to 40k anymore this week. Seeing this move, my outlook has switched from neutral to slightly bearish.
At the moment, the next stop will be 35.5k, around the pennant support. Either of two things can happen. The pennant support will hold, and the price will follow the pennant's structure in the short term. Or, the pennant's support will fail to hold, and we will see a bearish break out.
In my previous analysis I argued that a pennant inside a strong trend is usually a continuation pattern. There's a big chance that we will either visit the 33.5k support or even the 31k-30k support area. I've marked the latter with green.
In my eyes, the green zone will be the best entry zone for cheap alts. Assuming we will visit the entry zone, alts might be 30-50% cheaper than their current prices, making it a perfect buying opportunity to trade a reversal.
Happy trading!
Note
BTC dropped quick and violently. 35.5k should hold for a potential continuation of the pattern. Be prepated for some consolidation around between 36k - 35.5k.Note
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