Hello Traders
BTC/USDT seems to be bearish.
Reasons:
1- Broken upward trendline.
2- RSI is declining(bearish divergence in Daily TF)
3- Chart is forming a Bearish Curve(scallop).
4- Upward trend has no more strength or in simple term BTC is weakened(Price went up but BTC Dominance is falling).
5- Strong resistance in 50.5-52k zone.
In case, this analyze will be invalidated if price goes up and close above 51500 in Daily TF.
Thanks for Reading.
BTC/USDT seems to be bearish.
Reasons:
1- Broken upward trendline.
2- RSI is declining(bearish divergence in Daily TF)
3- Chart is forming a Bearish Curve(scallop).
4- Upward trend has no more strength or in simple term BTC is weakened(Price went up but BTC Dominance is falling).
5- Strong resistance in 50.5-52k zone.
In case, this analyze will be invalidated if price goes up and close above 51500 in Daily TF.
Thanks for Reading.
