Bitcoin broke the major uptrend from March 2020... closed below it and found support on a descending trendline since the April top.
The price in the low $40k was quickly bought up during the crash and shows increased demand at those levels.
What I don't like about this chart compared to ETH (idea linked below) is that Bitcoin looks weak and this price action is not giving me any hope of a quick reversal.
It is good that BTC did not break under the key support on the chart and made a higher low. This signals that BTC avoided a major break of the bullish structure.
Best to be cautious considering this price action and if BTC falls under the dotted trendline (in blue) that acted as support so far then this dump is not over. That appears unlikely now, but good to be prepared for any scenario.
Indicators are still bearish, but a reversal is possible from this point onwards. BTC rarely dropped more than 40% during a bull market. We stopped at 39% this time, lets hope this stays like that. :)
Like and follow if you liked my idea!
The price in the low $40k was quickly bought up during the crash and shows increased demand at those levels.
What I don't like about this chart compared to ETH (idea linked below) is that Bitcoin looks weak and this price action is not giving me any hope of a quick reversal.
It is good that BTC did not break under the key support on the chart and made a higher low. This signals that BTC avoided a major break of the bullish structure.
Best to be cautious considering this price action and if BTC falls under the dotted trendline (in blue) that acted as support so far then this dump is not over. That appears unlikely now, but good to be prepared for any scenario.
Indicators are still bearish, but a reversal is possible from this point onwards. BTC rarely dropped more than 40% during a bull market. We stopped at 39% this time, lets hope this stays like that. :)
Like and follow if you liked my idea!
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