After reaching the maximal target for the local corrective wave 4 the Bitcoin price started to decline. Yesterday most of analysts changed their mind from bearish to bullish and after today's dump as I can see the number of bulls has even increased. Do we have any reasons for optimism?
Let's take a look at the 4h time frame of BTCUSDT chart of the WhiteBit exchange. Here we have the clear range bounds. Earlier price formed the deviation lower than range's bottom, yesterday we saw deviation to the upside. Moreover we can see the some kind of support and resistance trendlines. Bitcoin has formed the fake out to the downside and yesterday was the fake out to he upside. I consider that there are no more liquidity for the growth and BTC has the only way to the downside.
If the price will break support trendline to the downside the huge crash is incoming. I am sure it will. Expect local bounce with the further dump.
Best regards, Ivan
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