Bitcoin / TetherUSShort
BTC update
I've made several analyses on BTC's bear flag pattern (purple) already, so we won't go into that. However, in blue you can see that BTC is on the verge of losing the daily uptrend of higher lows and higher highs.
Yesterday we closed the day around 24k, which is the same resistance we faced in the last days of July (yellow). If we won't get above 24k very soon, I'm afraid that the bears will start piling in and drive the price lower. In the case of a daily close below the blue bull support, I'd reckon that we're going back to retest the bull flag support.
Today and tomorrow is going to be crucial for the short-term trend. Especially todays CPI will determine the trading direction for the coming 1-2 weeks.
Yesterday we closed the day around 24k, which is the same resistance we faced in the last days of July (yellow). If we won't get above 24k very soon, I'm afraid that the bears will start piling in and drive the price lower. In the case of a daily close below the blue bull support, I'd reckon that we're going back to retest the bull flag support.
Today and tomorrow is going to be crucial for the short-term trend. Especially todays CPI will determine the trading direction for the coming 1-2 weeks.
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.