$BTC Breakdown Warning .. Traders Took actions timely …..!! $50k Target?
A breakdown below a significant support level is now confirmed with Bitcoin staying above the descending trend line on 1H chart. Rejection of each recovery attempt and sellers controlling the market are now evident. Until BTC regains the lost resistance with decent volume, expect the bearish trend to extend further.
$SOL … $ETH will also crash … I have shorts in my portfolio also #bitcoin short trade has given me a good amount of unrealized profits, confirming a bearish bias. This is a good example of how trading with a prevailing trend offers maximum probabilities of success. Current setup is biased towards bearish momentum than a potential rally.
Next important support comes in the range of $50,000-$51,000. With the selling pressure continuing at this rate, BTC can very well test this level prior to seeing any substantial bounce. Watch out for higher volumes on breakdowns.
Risk management is extremely important. Those looking to go short should wait for the confirmation and avoid going after an extended move. Always use a proper stop loss and never compromise on risk management.
#Bitcoin #OilPriceFalls
A breakdown below a significant support level is now confirmed with Bitcoin staying above the descending trend line on 1H chart. Rejection of each recovery attempt and sellers controlling the market are now evident. Until BTC regains the lost resistance with decent volume, expect the bearish trend to extend further.
$SOL … $ETH will also crash … I have shorts in my portfolio also #bitcoin short trade has given me a good amount of unrealized profits, confirming a bearish bias. This is a good example of how trading with a prevailing trend offers maximum probabilities of success. Current setup is biased towards bearish momentum than a potential rally.
Next important support comes in the range of $50,000-$51,000. With the selling pressure continuing at this rate, BTC can very well test this level prior to seeing any substantial bounce. Watch out for higher volumes on breakdowns.
Risk management is extremely important. Those looking to go short should wait for the confirmation and avoid going after an extended move. Always use a proper stop loss and never compromise on risk management.
#Bitcoin #OilPriceFalls