$BTC Daily Outlook: More Downside Ahead?
Bitcoin has traded below the daily open and tapped the 80% low target, but historical data suggests the downside may not be over.
Historical data filtered across every bearish day shows:
Only 9% had already formed their daily low at this point.
97% went on to print their low later.
What does this mean for Bitcoin?
The historical pattern points to a higher probability of further downside before the daily candle closes. If the pattern repeats, BTC could establish a new low as bearish momentum continues.
The key level to watch is the daily open. As long as BTC remains below it, sellers may retain control.
The daily low may still be ahead.
Will BTC push lower before the daily close, or will buyers step in and invalidate the bearish outlook?
Share your analysis in the comments.
$INIT #CanMicrosoftDeliverOnAI
$KAT #CanGoogleDefindItsCore
Bitcoin has traded below the daily open and tapped the 80% low target, but historical data suggests the downside may not be over.
Historical data filtered across every bearish day shows:
Only 9% had already formed their daily low at this point.
97% went on to print their low later.
What does this mean for Bitcoin?
The historical pattern points to a higher probability of further downside before the daily candle closes. If the pattern repeats, BTC could establish a new low as bearish momentum continues.
The key level to watch is the daily open. As long as BTC remains below it, sellers may retain control.
The daily low may still be ahead.
Will BTC push lower before the daily close, or will buyers step in and invalidate the bearish outlook?
Share your analysis in the comments.
$INIT #CanMicrosoftDeliverOnAI
$KAT #CanGoogleDefindItsCore
