Main - Fact: BTC from $69000 to $37000 is bearish
Fact 1: Previously, Bitcoin broke $34k and was supported by $32,900. However, $32900 would make the lowest low counting from $69k as we are in a bearish trend.
Fact 2: Confirmation has not been formed
Fact 3: Head & Shoulder on a weekly chart
Fact 4 maybe is for me only, since I never learned from any TA books, I only learned from doing my own research from day 1. Anyway, I can see a hidden price that will change the whole game!
First of all, I should emphasize that being positive, negative, bullish, or bearish are certainly not my consideration in trades. Also, seeing bitcoin come down from $69000 to $37000 does not have a meaning to me nor do I make any decisions based on that. I just write out what I see from charts without sugarcoating.
I must say that I am shocked to see many YouTubers are being so bullish at the moment when the fact bitcoin is in such a dangerous position, although the bitcoin price rebound from $32900 back to $37550 two days ago. (On a 1 day chart) Bitcoin showed a sign of weakness on the buy-side and it was topped out at $37499 yesterday. Besides, more time is needed for the confirmation to be formed meaning bitcoin at some point will head back towards $32900. (On a weekly chart) Bitcoin is forming a head & shoulder pattern that is considered bearish.
As I pointed out, the first significant price correction during the first quarter of bitcoin cycle was (Approx. $42000 down to $28850). Later on, in the middle of the cycle, the lowest low was at $28805. Seeing these two hidden price targets already give me an impression of no matter how far the rebound may take place or you may see a $39999 or more of a bull trap, bitcoin will eventually head back towards $32900, then break the support, and be on its way towards the $28k region. Once again, if BTC happens to break the $28k support, it will be in deep trouble. Best luck to everyone
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BTC: 3BssHqtftLAsAwDtN4QVMhJP25chWmT7Tf
Eth: 0x36AeeaF52F08c5e87cf2ac7B94C090d8d89Ba37F
