🅱️ 4 Days Green Lower High? ... Down We Go!

6 Mei

This is the situation right now on the daily timeframe; Bitcoin produced a lower low 1-May, this normally leads to a bounce.

A bounce after a new lower low can push prices easily toward 70K, as a lower high but this isn't happening, this didn't happen.

The bounce pushed prices to 65.5K and that's it, weak and a lower high confirmed; so far.

Closing today below 64K produces a lower high confirmed which in turn immediately activates a bearish continuation.

From 65.5K, a bearish continuation, while taking into consideration that the lower low ended at $56,500, means that the next drop will lead toward 50K easily. A wick can hit 49K but the main range should be between 50/52K. Just to start!

As soon as this next move resolves, the proceeding one will come much, much faster and surprise... We will have the correction low.

It is good because it is almost over and we can finally start cheering for Bitcoin because I hate down and prefer up... We are unbiased though and share with you exactly what see coming from the chart.

The chart is saying, "Be careful, down we go!"

Namaste.