No doubt, Bitcoin is in a bearish trend as the weekly and daily charts confirm it. Yet, we should be wary of the oversold condition on the lower charts, this made me move down to the 4H chart today for a closer look.
On the 4H chart, the market has been making efforts to take a breath higher from the selloff seen in the past two days, it might want to retrace more today before resuming its bearish movements which I will confirm when happens. I expect the retracement to halt at or below the trendline support at 21280.65 and bring about the fall resumption that might make it continue its bearish journey towards 17625.00. A break of that level would mix the outlook of the market.
This is the highly possible scenario as the MACD on the on the 4H, 1D and 1W charts are all negative.
On the 4H chart, the market has been making efforts to take a breath higher from the selloff seen in the past two days, it might want to retrace more today before resuming its bearish movements which I will confirm when happens. I expect the retracement to halt at or below the trendline support at 21280.65 and bring about the fall resumption that might make it continue its bearish journey towards 17625.00. A break of that level would mix the outlook of the market.
This is the highly possible scenario as the MACD on the on the 4H, 1D and 1W charts are all negative.