BTC: Last Chance for Bulls to Secure Support (1D)

21 Ağu 2020

Bitcoin 1 Day (1D) Short Idea:

1. Failed attempt to break out of ascending triangle
2. A break below this would be very bearish

The most important thing is time and patience.

Bitcoin is currently trading within our suggested parallel channel that we have previously mentioned; however, it's having problems sustaining support at these levels with rather low volume. Here is our previous idea on both the bullish and bearish cases for Bitcoin:

What we think:

We think that Bitcoin has a higher probability for going lower. The key word here is probability since we are taking into account for all things considered, especially with the bearish divergence playing out, and the RSI still maintaining the lower highs. We might see a flush of the RSI, which may bring us down to our immediate support at 11.1-11.3K.

Trade Safe.