Technical outlook
BTC is currently trading in an upwards channel that could be interpreted as a bear flag. BTC is trading firmly under the 200MA and has just gotten a short term rejection off of the 50MA. As such; breaking this channel to the downside could potentially lead us down into the next support zones. The next main key levels outlined on this chart are the $35,000 and $30,000 level which are two large psychological levels that have acted both as support and resistance in the past and may offer support again.
There has been news of large spot buys however, which could provide additional bullish sentiment. Given the high volume of news in the upcoming weeks with FED speeches, large company earnings etc. it's crucial to keep low leveraged and wait for a clear and concise entry point whether BTC continues its downward momentum or makes a run for higher levels again.
BTC is currently trading in an upwards channel that could be interpreted as a bear flag. BTC is trading firmly under the 200MA and has just gotten a short term rejection off of the 50MA. As such; breaking this channel to the downside could potentially lead us down into the next support zones. The next main key levels outlined on this chart are the $35,000 and $30,000 level which are two large psychological levels that have acted both as support and resistance in the past and may offer support again.
There has been news of large spot buys however, which could provide additional bullish sentiment. Given the high volume of news in the upcoming weeks with FED speeches, large company earnings etc. it's crucial to keep low leveraged and wait for a clear and concise entry point whether BTC continues its downward momentum or makes a run for higher levels again.