NEW BTC BEARISH FORECAST
BTC has been trading lower within the falling resistance boundary from 10th of November 2021 till date.
I expect more down on BTC with the below reasons however FED's decision may change the game anytime, this is why we suggest trading with care, strong confirmations, and minimising risks.
Bearish descending triangle, descending resistance weekly and daily, testing major horizontal support since July, head and shoulders pattern, FED hawkish expectations 21st September.
What to do now?🤔
Wait for the candle closure below the neckline boundary, then our target will be 12k straight.
If you're still willing to buy BTC😄
Wait for the break above falling resistance, after retest then you go long for the target of 22653(previous shoulder), the shoulder is our current residence D1 and if the 22653 didn't hold lower your next target 25194 (unlikely).
I expect more down on BTC with the below reasons however FED's decision may change the game anytime, this is why we suggest trading with care, strong confirmations, and minimising risks.
Bearish descending triangle, descending resistance weekly and daily, testing major horizontal support since July, head and shoulders pattern, FED hawkish expectations 21st September.
What to do now?🤔
Wait for the candle closure below the neckline boundary, then our target will be 12k straight.
If you're still willing to buy BTC😄
Wait for the break above falling resistance, after retest then you go long for the target of 22653(previous shoulder), the shoulder is our current residence D1 and if the 22653 didn't hold lower your next target 25194 (unlikely).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.