BTCUSDT Short, potentially overthrow the previous swing low

٨ فبراير ٢٠٢٢

Yesterday, we saw BTCUSDT overthrow a major inflection point at 44.4k. However, it's butting up against a heavy resistance trendline on the daily timescale and looks likely to reverse. BTC is looking to take out the previous swing low at around 32.9k. It is there that classic bullish divergence will be created for a potential long term bottom. If no bottom is found and the 29k support from May-July fails, we may have to look to buy at the previous bull market peak of 20k.