BTC/USD (Retest Prev Daily Support?)

💎Technical Analysis Summary💎


BTC/USD

-Bitcoin is making a series of mini higher lows on the daily time frame
-If we plot a trendline of support, it looks like an ascending channel
-This is technically bearish and considering the previous support is just a few percent away
-Be careful because the price is about to test the important daily EMAs too
-If BTC faces rejection at resistance, a potential down to -10% drop is expected
-The bitcoin bulls have a lot of work to do to shift this trend back
-Always play cautious and only allocate a small portion of your portfolio per trade
-And follow your stop loss if your trade goes against you, the only way to survive long term
-I'm out of swing trade on the spot market for the past few weeks because of the current market condition
-But if BTC will show any bullish signs or reversal pattern this month of February
-I'll start updating my altcoin watchlist to enter a short term spot trade
-Good luck and a happy Chinese new year!





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