Daily
On the Daily, BTC in a well-confirmed downtrend. It is being rejected from the 200 Daily EMA, still putting Lower Highs and Lower Lows.
The best short-term recovery would be 2 or 3 months sideways consolidation inside the range (41k - 29k). If the previous low is defended and BTC keeps closing Daily candles above 34k-35k (currently the POC), we might see a slow recovery.
There is a bullish sign in the funding rate and premium: now favoring the bulls. And the volume spike on the Crash indicated a bottoming action; maybe it was the bottom, or we are near it.
My opinion: It seems that the market still wants to see more pain. Maybe Twitter and media will spread more FUD in the coming weeks. Let's see.
#trading #btc #btcusd
On the Daily, BTC in a well-confirmed downtrend. It is being rejected from the 200 Daily EMA, still putting Lower Highs and Lower Lows.
The best short-term recovery would be 2 or 3 months sideways consolidation inside the range (41k - 29k). If the previous low is defended and BTC keeps closing Daily candles above 34k-35k (currently the POC), we might see a slow recovery.
There is a bullish sign in the funding rate and premium: now favoring the bulls. And the volume spike on the Crash indicated a bottoming action; maybe it was the bottom, or we are near it.
My opinion: It seems that the market still wants to see more pain. Maybe Twitter and media will spread more FUD in the coming weeks. Let's see.
#trading #btc #btcusd