As you'll all be aware, we unfortunately broke the 37k support yesterday and fell down to the 34.7k support where bears thankfully found some resistance.
My bias is switching more to bearish for now as all the ground we made with the previous bullish breakout has been given back and once again the support of 36.8k/37k has now turned resistance, + the 200 EMA is now looking we are having a rejection.
Staying neutral is the key to not being burned.
We have also seen hundreds of millions of dollars worth of bitcoins being moved to the Binance exchange signalling whales might be making some moves soon.
It is unsustainable for the price to continue falling this aggressively like we saw last week, I feel like we are due a pullback of between +3%/+6% before we get any more downside.
The only way my bias would change to bullish would be if we can break back above the 37.8k level and come back down to confirm this level is now support, then an aggressive push to the upside and a solid close via the 4hr chart with minimal wick.
My bias is switching more to bearish for now as all the ground we made with the previous bullish breakout has been given back and once again the support of 36.8k/37k has now turned resistance, + the 200 EMA is now looking we are having a rejection.
Staying neutral is the key to not being burned.
We have also seen hundreds of millions of dollars worth of bitcoins being moved to the Binance exchange signalling whales might be making some moves soon.
It is unsustainable for the price to continue falling this aggressively like we saw last week, I feel like we are due a pullback of between +3%/+6% before we get any more downside.
The only way my bias would change to bullish would be if we can break back above the 37.8k level and come back down to confirm this level is now support, then an aggressive push to the upside and a solid close via the 4hr chart with minimal wick.