Bitcoin Downward trendchannel

Hello traders,

Here is an update on Bitcoin on the 8 hour chart of Bitcoin .

The head shoulder formation is still active and intact. The neck line is slightly more accurately placed now.
As I mentioned earlier, violent pullbacks are quite normal in this volatile market. In the process, a Demark 9 buy signal for the short term also came in.
I am still bearish on Bitcoin as long as BTC moves in the downward trend channel.
In the short term, the RSI is overbought with a negative divergence.
Be sure to place stops when trading and good moeny management is essential.

BTC’s long term direction is and will remain upward! So buy and hold traders need not worry. The price continues to rise in the long term due to the 4 year halving of Bitcoin mining and interest from institutional investors.