🔥 Bitcoin Is Still In A Downtrend

Feb 2, 2022

Over the last 10 days or so, Bitcoin has actually been showing some solid performance. However, with today's stock market opening (and trading) in the red, Bitcoin is experiencing the worst day since the Jan-22 dump.

Traders might get bullish seeing that BTC has been trending bullish for around 10 days now, but be aware that we're still in a technical downtrend and that the most likely outcome is for the price to follow the trend.

However, we've seen oversold conditions which we rarely see. So if there was a bottom, it would be 33k. On the other hand, if stocks dump, Bitcoin will blindly follow and completely ignore all forms of technical analysis.

In case of a continued down trend, I'm expecting both 35k and 33k to offer support. If stocks continue to fall, both supports will be taken out with great ease.

Happy trading!

Feb 2, 2022

Note

Forgot to add earlier. My overall view is still more bullish than bearish. My previous BTC analysis is, in my view, one of the more likely scenarios to play out. However, all forms of TA are invalidated as soon as stocks start dumping.