BTC is moving inside a short-term bearish channel right now, even though the bigger trend is still upward. It looks like it's just consolidating for the time being, bouncing between the top and bottom of the channel.
But if it breaks below that lower trendline, we could see a pretty sharp move down—possibly all the way to around $112K, which lines up with the Fibonacci retracement from the last rally. That zone could act as a support.
It might hang out in this range a little longer, but once it breaks down, it’s probably heading toward that level.
But if it breaks below that lower trendline, we could see a pretty sharp move down—possibly all the way to around $112K, which lines up with the Fibonacci retracement from the last rally. That zone could act as a support.
It might hang out in this range a little longer, but once it breaks down, it’s probably heading toward that level.
Trade active
Entered short TP: 112k$
SL: 120k$
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.