BITCOIN: Bloodbath continues. Corrections are on the way for now
Bitcoin has been dropping for a while and there are clearly no bullish indicators as of right now.
Looking at the DAILY timeframe chart, it can be noticed that the price is ranging within the borders of the descending channel.
After consolidating for almost a month, the price has finally been able to print massive bearish candles and break the lower barrier of the sideways-moving range.
Although our overall sentiment remains bearish for the upcoming period of time, we will be looking into opening short-term BUY positions. The price is trading at the lower barrier of the formed descending channel, and we are expecting for some consolidations to happen around the local area before opening BUY positions and aiming for the upper boundary of the channel. At the same time, this particular area nicely lines up with the area of previous support now turned resistance that aligns with the 0.618 Fibonacci retracement level.
Happy trading, everyone!
Looking at the DAILY timeframe chart, it can be noticed that the price is ranging within the borders of the descending channel.
After consolidating for almost a month, the price has finally been able to print massive bearish candles and break the lower barrier of the sideways-moving range.
Although our overall sentiment remains bearish for the upcoming period of time, we will be looking into opening short-term BUY positions. The price is trading at the lower barrier of the formed descending channel, and we are expecting for some consolidations to happen around the local area before opening BUY positions and aiming for the upper boundary of the channel. At the same time, this particular area nicely lines up with the area of previous support now turned resistance that aligns with the 0.618 Fibonacci retracement level.
Happy trading, everyone!
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