Something changed, BTC may be eyeing the $40K price level.
Warning: our thoughts are ours; not financial advice.
The market is volatile and can flip in a moment. And it's our duties as traders to quickly identify this flips to hedge to save some profits or protect our investments from further loss.
The thoughts of bitcoin going to $62K in the immediate short term may not be possible and here's why.
Yesterday's close for BTC speaks a lot. If formed a seemingly railway track pattern with the previous candle. You can also argue this to be a bearish engulfment as it's slightly below the opening price of the previous candle.
Whatever you see this as, one thing is for sure, it's a bearish sign.
It also formed a lower low with BTC's previous high.
Why this is so bad is because, if BTC makes a breakout to the downside of the uptrend channel which started 26 January, the asset may further decline to the $41K or even $40K mark.
You might want to hedge against further loses if this happens to buy bitcoin at a cheaper price.
The market is volatile and can flip in a moment. And it's our duties as traders to quickly identify this flips to hedge to save some profits or protect our investments from further loss.
The thoughts of bitcoin going to $62K in the immediate short term may not be possible and here's why.
Yesterday's close for BTC speaks a lot. If formed a seemingly railway track pattern with the previous candle. You can also argue this to be a bearish engulfment as it's slightly below the opening price of the previous candle.
Whatever you see this as, one thing is for sure, it's a bearish sign.
It also formed a lower low with BTC's previous high.
Why this is so bad is because, if BTC makes a breakout to the downside of the uptrend channel which started 26 January, the asset may further decline to the $41K or even $40K mark.
You might want to hedge against further loses if this happens to buy bitcoin at a cheaper price.
