BTC outlook for 7 May 2022.
BTC has broken my long term trend line to the downside with the next major support zone around the 35k level. I do believe BTC will continue falling down towards this level before establishing a new level of support and decide where to go from there. This is what I am looking out for next:
1) BTC can push back upwards to retest the high 36k level before rejecting it and continuing downwards towards the next major support zone.
2) BTC breaks below minor support on the 4h around 35,7k and continues pushing down towards the next major support zone.
3) Unlikely event: BTC pushes back upwards and creates a big fake out on my long term trend line. This is very unlikely as the sentiment for BTC is very bearish at the moment. BTC will have to push back up towards the 38k level for a fake out to have occurred.
1) BTC can push back upwards to retest the high 36k level before rejecting it and continuing downwards towards the next major support zone.
2) BTC breaks below minor support on the 4h around 35,7k and continues pushing down towards the next major support zone.
3) Unlikely event: BTC pushes back upwards and creates a big fake out on my long term trend line. This is very unlikely as the sentiment for BTC is very bearish at the moment. BTC will have to push back up towards the 38k level for a fake out to have occurred.
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