Bitcoin made two breakout attempts recently. The second breakout failed and this failure is indicative of more downside in the coming days.
Supports that are well in target are just 6 to 8% away and lie close to 49k to 50k. A strong support of rising 200ma is well in sight. This range seems like a good support zone. The confluence of trend line support and moving average may well lead to a short term bounce from this lower range up to 56k.
But I truly wonder if the support zone near 50k is going to hold for long. To me a high probability of 40k exists, yet that can only become likely if the support range of 49k to 52k gives away.
Why does 40k that seems a fair probability? Generally two quick attempts at the upward breakout have lead to selling pressure. Often it's been seen that if a quick second breakout fails, such failure may very likely to lead to a strong move in the opposite direction of the breakout.
With that being said, let's see how the price action shapes out in the coming weeks ahead.
Trade closed: target reached
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All Targets Achieved | 26% in just 29 days | Bitcoin
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@Mythic07, Yes, but in a limited way. For now, I'm sharing certain setups publicly. I study stocks over the weekends only. So the number of trades will always be positional, and few in number as well. Less trades means more for me. Thanks for reaching out.