BTCUSD Update
Since the buyers failed to reclaim the $50k value area, the BTCUSD price has no choice but to opt for another round of sales.
It's worthy to note that Jerome Powell's speech also played a good role on BTC - USD exchange rate value ; the Fed boss speech gave speaks more about optimism than pessimism.
Since the descending triangle is still much in place, it's still early to conclude that the "buyer has run out of steam". While the trendline break matters for buyer entries, the break of $45 - $46 support levels counts for sellers.
Overall Sentiment: Bullish
Decision rule: Neutral vs buying @ bulls territory ( trendline break or reclaim of 50k area)
Since the buyers failed to reclaim the $50k value area, the BTCUSD price has no choice but to opt for another round of sales.
It's worthy to note that Jerome Powell's speech also played a good role on BTC - USD exchange rate value ; the Fed boss speech gave speaks more about optimism than pessimism.
Since the descending triangle is still much in place, it's still early to conclude that the "buyer has run out of steam". While the trendline break matters for buyer entries, the break of $45 - $46 support levels counts for sellers.
Overall Sentiment: Bullish
Decision rule: Neutral vs buying @ bulls territory ( trendline break or reclaim of 50k area)
