Monday 17 May 2021

Bitcoin BTCUSD: Having a hard time to rebound from old cloud chart support zones! Outlook still bearish!

Bitcoin BTCUSD: Having a hard time to rebound from old cloud chart support zones! Outlook still bearish! Bitcoin had a great little rally rebounding from old cloud chart support zones at bottom end of the cloud. Then ran into trouble at the top end cloud chart resistance zone at 58955! A correction started and support failed at the bottom end cloud level, and its at this point where the outlook changed from bullish to bearish, since price action below the cloud is bearish! Support failed at the 48511 zone, and then BTC tested the 43580 support zone, and rebounded from there! Swing trade possibilities from these old cloud chart support zones, back up to the bottom cloud level. But these counter trend trades since the outlook is still bearish!

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