Hello, everyone!
Yesterday I told you that believe in bounce to the upside to $45000, but today I am not sure that the BTC will give me the nice entry point for the short trade.
Let’s take a look at the trendline 1 – this is the true trendline, it means that while the Bitcoin price is above it we are in the local uptrend. My idea was the bounce to the countertrend line, but we are not seeing any buying reaction. At the same time as I saw at Binance futures, there are 72% of long positions. The crowd is in “buy the dip” mode again. As a result I can conclude that we will se the breakdown to the trendline 2 soon.
What is about uptrend continuation? I suppose it is not likely to be. We can see that the BTC bounced two times off the Fibonacci golden pocket for the last bearish impulse. The third time it tested exactly 0.78 Fibonacci level – the maximum correction level. It was rejected clearly, so I suppose that we will see the prices below $33000 next 2-3 months. The uptrend can continue only if we will see the countertrend line breakout.
Good luck!
