BEARISH UPDATE ON $BTC
FOR THE FIRST TIME SINCE BTC had broken the $53k barrier weeks ago and kept pumping and made newer and newer all time highs this has happened.
PLEASE NOTE:
$BTC has risen in a wave pattern making higher highs and higher lows which usually happens in a bull run... corrections have been fast and furious but soon they were bought into to make higher highs... during this process BTC formed a trendline at any given point of time and whenever it fell it always took support at that particular trendline and only to create a pin bar formation signalling bullish reversal and continued its journey upwards.
FOR THE FIRST TODAY THAT PATTERN SEEMS TO BE BROKEN on the 4hr TF. The trendline formed on the 4hr TF not only broke the support of $71500 but the retest also failed and BTC fell below support which is a rejection candle.
THOUGH it is an early estimate but BTC now need to close the day above $71500 to cancel this view.
A daily close below $71500 will confirm a bearish reversal atleast for sometime with support only at $68500.
My view point is that since the bull run has started , daily close above or below certain levels have always played significant roles in the direction of BTC. Afterall most surges have only occurred in the first 4hr candle of the day surprisingly after the close of the US Market.
TRADE SAFE TRADE SMART
