julio24albert
Short

Bitcoin : Free fall if we breaks the S3

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all, here is another analysis of bitcoin's movement in the future. Watch and enjoy it!

The chart has shown us a clear sign of the bearish structure that could be in play. A lot of factors that could easily identify the bears are in full control for now. One of them is the size of the red candle which is the most significant comparing to all factors. The size of the red candle lately are getting bigger and bigger. This fact shows us that the bears work so good to print the net sell in volume .

Yesterday's anticipated region has finally been touched with a style. Just like what I've said previously the S2 whatsoever is like a magnet which is having an alignment with the lower line of the channel. You can see, the price is now trending above it.

I add another closest support with the S2 which is the S3 as the area for us to identify the bear trap region. This is another strong and crucial support of bitcoin if the S2 can't hold the price for now. Breaks below this support can bring the price to a free fall toward $7400 - $7200 region because there isn't any significant level of support between the S3 and the $7400. That's why we might be very aware of this movement.

Comments

Wonderful analysis and I totally agree, been bearish since May11, on May 14 and so far it’s been a good ride with 3 targets hit out of 5
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