Bitcoin price touched 60K where is the first target of the new downtrend. I shared lots of analysis about bullish traps on Bitcoin price chart. This is 3rd bullish trap. Lots of investors were waiting for new all time high. I warned you about this trap and I hope you did your well! I stopped buying crypto when I saw the beginning of 3rd bullish trap.
Here you can see daily chart of Bitcoin price. There is anazing descending channel on Bitcoin price chart. I may take long time!
It is also hard to see breaking up this channel until USA Election.
After touching the top line of this channel, Bitcoin price went down fast. 60K was the first target of downtrend and Bitcoin touched there today!
The middle line of descending channel is one of major support for Bitcoin price. Bitcoin may be supported by this line in next week.
Here you can see weekly chrt of Bitcoin. Next week may be red again. There is downtrend line on Fisher Indicator and we should see red candle to see reversing on Fisher ındicator to be resisted by downtrend line.
MACD Indicator is also at very high level and needs correction. I may take a few weeks.
The bottom line of descending channel is the next target for Bitcoin price to be supported. I think Bitcoin will not break down this descending channel.
I am waiting with my cash. I said I will be out of market during this correction.
We will see…