Hello Traders!

*** Bitcoin is at a pivotal moment right now. The $37K ascending trend line is the bottom support of the macro bear flag that has been formed since January. This is a MASSIVE pattern and if it breaks… well I think you will be shocked in the coming months how low BTC actually goes. I am predicting $20K or lower and I am very confident in this.
*** This is the time to really focus on the technicals and play it smart, safe and strategic.

On to the Analysis…
– Bitcoin looks VERY Bearish
– To be honest I think it’s only a matter days / week before BTC breaks down to the next support level at $34K.
– Looking over the charts, I can’t find anything that gives me any Bullish signals.

Next target for BTC?
– The next target for BTC is the Major Support at $34.4K.
– It’s possibly that BTC gets one more small bounce before breaking the $37K support level , but once that level is broken I think it will trend down pretty quick to $34K.
** Buyers are losing enthusiasm in BTC right now, we can see that in the technicals.
** I would be VERY cautious opening any long positions right now unless you are an experienced trader.
– Once BTC hits $34K it will most likely bounce, theres a possibility that I will open a long trade and be in and out quickly. I did the same thing the other day when BTC hit $37K. I entered at $38K and exited at $40K.

That’s pretty much it, just keep a close eye on the $37K support level , if you are in any long positions I would exit if that level breaks.
– If you want to short I would wait and see if BTC gets another bounce first (which I might do) to around $40K, then you could enter to minimize risk, also look out for the formation of a bear flag on the high time frames, I wouldn’t be surprised if one formed and that would be an excellent pattern to play for a short.

*** Once again be very cautious with longs and don’t listen to these moon boy youtubers especially if they dont show any technical analysis!

Thanks Everyone and best of luck trading!