BTC is looking very weak and couldn't find support at the 49 000 dollar area. Instead it fell through this came back to retest this level and got rejected by resistance. A classic S/R flip (Support becomes Resistance once broken and vice versa).
The next proper support for BTC is around the 41 000 dollar area and we wouldn't be surprised to see BTC come down to this level next. We will consider laddering some longs around this level once BTC has established support.
If BTC can overcome this resistance soon it will be invalid but for now we think this resistance seems strong and can reject BTC again.
The next proper support for BTC is around the 41 000 dollar area and we wouldn't be surprised to see BTC come down to this level next. We will consider laddering some longs around this level once BTC has established support.
If BTC can overcome this resistance soon it will be invalid but for now we think this resistance seems strong and can reject BTC again.