📈Bitcoin is poised for a short-term bounce off current levels.
🔻The bounce is likely to be a fake out, leading to further downside.
📉A daily close above $46,500 would invalidate this analysis.
🎯Short-term target for the bounce is around $43,350.
⏬Downside targets in the coming weeks include $39,200 and possibly even $28,000.
What is the short-term outlook for Bitcoin?
—Bitcoin is likely to experience a short-term bounce off current levels, but it is expected to be a fake out leading to further downside.
What would invalidate this analysis?
—A daily close above $46,500 would invalidate this analysis.
What is the short-term target for the bounce?
—The short-term target for the bounce is around $43,350.
What are the downside targets in the coming weeks?
—Downside targets in the coming weeks include $39,200 and possibly even $28,000.
Is there a possibility of a reversal to the upside?
—The analysis suggests that any bounce is likely to be a fake out and not a reversal to the upside.
00:00Bitcoin is currently experiencing a setup that indicates a short-term bounce is likely.
04:10Bitcoin's bounce is expected to be a fake out, leading to further downside as a bearish divergence has been confirmed.
06:02A daily close above $46,500 would invalidate the analysis and suggest a potential reversal to the upside.
08:18The short-term target for the bounce is around $43,350, but the overall outlook is bearish with downside targets at $39,200 and possibly even $28,000.
