Bitcoin (BTCUSD) Fear the Bear! Still Long Term bearish
What we are looking at is a corrective wave occurring within a bearish pennant on Bitcoin
We no longer are looking at 30k as a significant level for Bitcoin to buy. Yes we do suspect a bounce in that area but we also suspect that level not holding for long.
The Real move is to 18k-22k.. perhaps an overshoot into low 18k or high 17k before rallying and trading in the low 20ks.
With the use cases and tension is Russia Bitcoin as certainly benefited as being a means of exchange. However the long term trend along with the rest of the market has remained the same.
We no longer are looking at 30k as a significant level for Bitcoin to buy. Yes we do suspect a bounce in that area but we also suspect that level not holding for long.
The Real move is to 18k-22k.. perhaps an overshoot into low 18k or high 17k before rallying and trading in the low 20ks.
With the use cases and tension is Russia Bitcoin as certainly benefited as being a means of exchange. However the long term trend along with the rest of the market has remained the same.
Comment:
We are in "range" of our ideal shorts. Id like to extend the pull back range to 45k instead of 44k. So 42k-45k. However we are in range and nearing the top of the structure for sell opportunities.
Trade active:
30k reached. Still looking short