Hello, everyone! Bitcoin is now in an established downtrend so as far as meaningful movements, we are only looking for shorts.
$BTCUSD is testing a key S/R zone's lower resistance level for the second time, creating a Double Top formation.
MACD Momentum somewhat supports large bear move in the hourly time frames.
Expect to see price reach recent level of support.
Post- Speculation: One price reaches this level expect a 50% pullback (of the size of the trade) at a level of support, then a trend continuation to the downside; looking to hit $42K, another major S/R zone.
$BTCUSD is testing a key S/R zone's lower resistance level for the second time, creating a Double Top formation.
MACD Momentum somewhat supports large bear move in the hourly time frames.
Expect to see price reach recent level of support.
Post- Speculation: One price reaches this level expect a 50% pullback (of the size of the trade) at a level of support, then a trend continuation to the downside; looking to hit $42K, another major S/R zone.