Bearish, as expected
We are approaching May 26th low, which is lower side of the tunnel as well.
One must test this area carefully, as the support area can collapse and then we will witness testings of 1,800 and then 1,600 levels.
Another interesting scenario, still early to know but an eye better be kept open, is a possible Head And Shoulders pattern, which highest high as the head and previous one as the left shoulder. Meaning: If May 26th bottom will not break, we must see if 24th high becomes a resistance area, and then, in case this pattern is indeed created, than we are going down big time (still early to talk about it though).
As for me and as mentioned, I never trade against the trend, and BTC's Bullish for the medium and long term. Therefore I am still out, waiting for new lows to consider buying.
Good luck!
One must test this area carefully, as the support area can collapse and then we will witness testings of 1,800 and then 1,600 levels.
Another interesting scenario, still early to know but an eye better be kept open, is a possible Head And Shoulders pattern, which highest high as the head and previous one as the left shoulder. Meaning: If May 26th bottom will not break, we must see if 24th high becomes a resistance area, and then, in case this pattern is indeed created, than we are going down big time (still early to talk about it though).
As for me and as mentioned, I never trade against the trend, and BTC's Bullish for the medium and long term. Therefore I am still out, waiting for new lows to consider buying.
Good luck!
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