Mihai_Iacob

Bitcoin to continue its way down. Where can it drop?

Short
BITSTAMP:BTCUSD   Bitcoin
Since the initial drop from ATH in late November 2021 to the 42k zone, bulls always searched for support and a reversal for a new ATH, and always Btc has dropped even more.
At this moment, again, we have the same pattern, but even though there is a possibility of reversal, at least technically, this is very unlikely.
Looking at the past 2 trading weeks we can see that bulls don't have any power and there is no buying interest and the bounce from 2017 ATH was just a technical one and it didn't even have the power to touch the last 25k support, now resistance.
The overall structure is strongly bearish and, in my opinion, instead of trying to buy a low, is safer to sell rallies.
That being said, this is my strategy for BtcUsd and I will remain bearish as long as the price is under 25k.
As for the target, although it will not happen in the next few days, 12500 is a reasonable target


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