🔥 Bitcoin Still In A Bear Trend: Bear Reversal Targets
Yesterday I made a post where I discussed the expected bullish price action after a so called " Death Cross". For now, the bullish move is working out well. Question is, for how long?
The overall trend is still bearish, so the bulls will have some proving to do. With this analysis I want to discuss two potential reversal targets to continue the bearish trend.
The first reversal area is around the down sloping bearish trend line, I'm expecting significant selling pressure from there.
In case we can pierce the trend line, the area between 50k-55k will offer strong resistance as well. It's between the 0.382 - 0.5 Fibonacci retracement levels, plus there's a local top there.
Be aware that this is not a bearish post, I'm merely discussing areas where short-term bulls will take profits and where bears are likely to step in. Consider these areas in your trading plans for the next couple of weeks.
Happy trading!
The overall trend is still bearish, so the bulls will have some proving to do. With this analysis I want to discuss two potential reversal targets to continue the bearish trend.
The first reversal area is around the down sloping bearish trend line, I'm expecting significant selling pressure from there.
In case we can pierce the trend line, the area between 50k-55k will offer strong resistance as well. It's between the 0.382 - 0.5 Fibonacci retracement levels, plus there's a local top there.
Be aware that this is not a bearish post, I'm merely discussing areas where short-term bulls will take profits and where bears are likely to step in. Consider these areas in your trading plans for the next couple of weeks.
Happy trading!
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