Here we go again

BTC short term analysis

BTC has broken the Big Ascending Channel pattern to the downside, where do we go from here? The break of this pattern to the downside is clearly a bearish move, because this pattern is a 50/50 move or an uncertain move, if the market turns really bearish this time, the price could go down to $16,500 or even lower to the $15,500 area, which isn't really good for BTC, because that's where the support is and the supports gets weakened when its tested multiple times.

We've seen a clear reaction on the altcoins after BTC broke into the pattern of the ascending channel. REN, for example, is now in the area of the buying zone.

we announced just last Friday, December 9, the additional coins, which include CTSI and other coins. Fortunately, I managed to open a short martingale strategy for this newly listed coin on TAFABOT

At time of writing, BTC is trading at $16,900, suggesting further downside after breaking the ascending channel to the downside. If we see further massive buying volume for BTC, even a drop back to the $17,500 area is possible if we see enough volume. So, if we continue to fall back to the support in the $15,500 area, it would lead to a further decline in the BTC price.

Disclaimer this isn't financial advice What I do is very risky and nobody should copy me.

Reminder: the trend is your friend.

Don't have a good day have a great day.

Blog Author: John Daele Bandilla