As I expected before, BTC did technical rally at $7900. But it doesn’t overcome resistance level and hit a low point renewal. That means BTC has bearish trend seriously.
We need to notice that buying trend doesn’t enough to overcome resistance anymore. Before $19900, bitcoin preserves bullish trend by supporting previous higher point. But nowadays it becomes the other way. That means traders didn’t think btc has powerful bullish trend anymore.
I think it can be dropped to 2900, or less than that if red line is broken. But if price supports this level, it can make uptrend at most $20000. So, I think we need to trade btc and others cryptocurrency more carefully. If you don’t think trend reversal becomes this market, just manage your risk. That’s what we need to do now.
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Trend Channel is broken in 4 hour chart. Now we know that the red line is Bearish base channel, not the deceleration channel.
We think we entered into bearish market, not the correction market.
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But it is not definitely right. We need to look 1 Day Candle Ending.