#3 More downside ahead

Extended short

After a pretty red May, Bitcoin halved its value vs. USD in just 10 days. Coming from USD 60k and found some bottom at USD 30k – 38k. In this bottom area, it has formed a triangle formation which is in most cases a continuation pattern.

Given this price action and triangle formation, it suggests that we can see some further downside to USD 20’000 or even lower. Meanwhile, price has fallen below the important support line within this triangle formation and takes target to 2021 lows at USD 30k.

The only positive point I can argue is that we experience quite a lot bull/bear traps in crypto trading. So this triangle formation which is now bearish can still turn invalid if we breach USD 40k. A break of the lows at USD 30k would finally confirm its bearish validity and would trigger further lows to USD 20k/17.5k.

Conclusion: Hold your horses for buying for the moment. Wait for clear signals (bullish: USD 40k / bearish: USD 30k). A break of the 2021 lows at USD 30k could trigger downside of another 30-40% !

Current: BTC-USD.CC27996.626953125 (-337.35)

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