BTC is still in a downtrend on the big picture, with strong trend intensity on the 4-hour chart. The moving averages are still applying pressure, and the daily momentum is extremely oversold but showing some short-term support.
The indicators suggest that we should start closing positions as the downtrend might be nearing its end, but funds and trends haven't aligned yet, so there’s still a risk of a pullback.
Overall, the technicals are leaning bearish, and the larger structure hasn't changed. It's best to stay light and observe until we confirm resistance above before deciding on a direction.
#Bitcoin $BTC
The indicators suggest that we should start closing positions as the downtrend might be nearing its end, but funds and trends haven't aligned yet, so there’s still a risk of a pullback.
Overall, the technicals are leaning bearish, and the larger structure hasn't changed. It's best to stay light and observe until we confirm resistance above before deciding on a direction.
#Bitcoin $BTC