Short Term Outlook: Bearish
Long Term Outlook: Bullish
Things are not looking good for Bitcoin as it continues to fail on breaking out past these resistance levels. Most notably the range from $37.5k - $40k.
Zooming out to the Weekly you can see a bear pennant starting to form up. Now, if the bulls fail to have a sustained breakout then we could expect the price to revisit $30k, with a flush to $28k (Long position liquidation).
On the Weekly timeframe, the 50 ema is currently hovering around $26k. That would be where I set up short with trailing stops.
Also, this is not financial advice.
Long Term Outlook: Bullish
Things are not looking good for Bitcoin as it continues to fail on breaking out past these resistance levels. Most notably the range from $37.5k - $40k.
Zooming out to the Weekly you can see a bear pennant starting to form up. Now, if the bulls fail to have a sustained breakout then we could expect the price to revisit $30k, with a flush to $28k (Long position liquidation).
On the Weekly timeframe, the 50 ema is currently hovering around $26k. That would be where I set up short with trailing stops.
Also, this is not financial advice.
Comment:
Weekly Chart
Comment:
The Volume on the Daily tells the story.