$BTC on the Precipice of a 30-50% Move - Feeling Bearish!?
With the advent of last week's weekly closure, $BTC is now in a downtrend on all time frames up to a weekly. Weekly trend reversals ended the two prior $BTC bull runs.
1. We can see BTC has been oscillating within this nicely formed "descending price channel". Statistically speaking, these are more likely to have a bullish break. The 'measured move' for a bullish breakout would take price to around $36,500 - $37,000. Albeit this is a bullish formation, typically, $BTC is showing more bearish signs than bullish , which means downside looks more likely.
2. If price breaks out from this 'descending price channel', then it is likely to reach the $37K resistance zone (this would be the 1st upside target zone) with further continuation likely.
3. If price loses support and breaks down from this 'descending price channel', the measured move would be around $27K (1st downside target zone) with further continuation likely.
1. We can see BTC has been oscillating within this nicely formed "descending price channel". Statistically speaking, these are more likely to have a bullish break. The 'measured move' for a bullish breakout would take price to around $36,500 - $37,000. Albeit this is a bullish formation, typically, $BTC is showing more bearish signs than bullish , which means downside looks more likely.
2. If price breaks out from this 'descending price channel', then it is likely to reach the $37K resistance zone (this would be the 1st upside target zone) with further continuation likely.
3. If price loses support and breaks down from this 'descending price channel', the measured move would be around $27K (1st downside target zone) with further continuation likely.