Bitcoin Technical Analysis: Bearish Outlook Remains Unchanged (March 2020)

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Bitcoin Technical Analysis: Bearish Outlook Remains Unchanged (March 2020)

Bitcoin has once again shot past $6k after it led traders into thinking that it was ready to nosedive below it. That false impression led to many traders opening aggressive shorts which created a honey pot for the market makers and the whales above $6k which they have now fully exploited. While it may seem bullish for the price to bounce back above the important psychological S/R level of $6k, it is important to note that it still remains in a bear trend. As long as it remains below the 200-moving average on the 4H time frame, there is no reason to think that BTC/USD is about to begin a new uptrend.

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