Following is the downward trend of BTC in one channel and below the midline of the channel forms a W pattern which does not have much chance to complete this pattern and go back up
Because it has shown strong resistance to EMA 20 and is more likely to fall to the bottom of the channel.
If on the bottom of the channel that price range is 54,200 , It can have further decline up to the price range of 52,200.
Even if there is a climb, it is a good exit opportunity for people who they bought at high prices in the hope of higher prices.
Weekly and monthly BTC chart shows hidden divergence in MACD and RSI indicators
BTCUSDT
Which reinforces our downward scenario.
Because it has shown strong resistance to EMA 20 and is more likely to fall to the bottom of the channel.
If on the bottom of the channel that price range is 54,200 , It can have further decline up to the price range of 52,200.
Even if there is a climb, it is a good exit opportunity for people who they bought at high prices in the hope of higher prices.
Weekly and monthly BTC chart shows hidden divergence in MACD and RSI indicators
BTCUSDT
Which reinforces our downward scenario. 