Momentum is clearly in favour of the bears now with BTC breaking down out of the demand zone we were sitting in yesterday. Price is currently consolidating just below the demand zone (visible on lower time frames), but I suspect it won't hold. If the downtrend continues the next target is around $57500, then $54000 and finally if that doesn't hold $48000.
We should not forget that the bears are still swimming upstream though. Price action is still well above the long term trend line and this can still be viewed as a healthy market retracement. So while we are on the way down, we are waiting for those signs that the bears are fatiguing and the bulls are regaining control. Today I'm still a bear.
We should not forget that the bears are still swimming upstream though. Price action is still well above the long term trend line and this can still be viewed as a healthy market retracement. So while we are on the way down, we are waiting for those signs that the bears are fatiguing and the bulls are regaining control. Today I'm still a bear.
