BITCOIN BEARISH PATTERN NOW CONFIRMED - 06/17/2021

18 Jun 2021

I am long BTC/COINBASE all in.

Hello! Please review my previous ideas to see how my analysis has been going, leave any comments thanks!

The reason this is bearish:

• The rising wedge had a bearish breakout as plotted
  
• The $37,500 has been mild support on this breakout
  
• More fud has been coming out against BTC/Crypto
  
• The death cross has recently happened where the 50 day MA crossed under the 200 day MA signaling bearish trend
  
• This is most likely to consolidate in the $36,800 area if the mild support is broken before indicating a bearish or bullish breakout
  
• If the bearish trend continues past $36,800 then the next move down can be to the $34,800 range
  

Where things can go bullish:

• A breakout of this falling wedge to the north side can cause the next price to hit $38,500 range
  
• Elon Musk tweet seems to still be positive catalysts
  
• More countries adopting BTC as legal tender
  
• Sudden spike in inflation (less likely as the Fed meeting recently confirmed this)
  
• SEC approving Crypto ETF
  
• BTC Adoption
  
• Short sellers covering their position (currently high amount)