What's up my investor friends?
In the past few days we have been analyzing the Bitcoin and we came to the conclusion that a bearish scenario was very likely.
Just yesterday I uploaded an analysis where we saw BTC breaking the $54000 support and the 200 period moving average in 4 hours time frame.
It has managed to close below and is currently approaching the next support at $50000.
The downward pressure is quite high and BTC may enter a major correction phase.
I have been watching the BTC on 1D timeframe and I have found a bearish divergence in the RSI indicator.
This complemented with all the other indicators confirms an exhaustion in the rise of the BTC and an imminent correction could be coming.
If BTC finally corrects as it should, we could see it break the $50000 level, and the next target would be the $43000 and $40000 levels, where a very strong support is located and also the .50 Fibonnacci of all the upside since the $20000 level.
We must be very cautious if we want to buy. It would be best to wait and see how low BTC will go.
I would not consider buying until I see a convincing bullish reversal signal. I remain on the sidelines.
The information given in this publication is only my analysis and personal opinion. It should not be considered as a recommendation for investment. Trading cryptocurrencies, forex, stocks, among others, is risky.
