BTC - RETEST OF THE 100BN LEVEL? THINKING ABOUT THE NEXT TARGETS
Hello, as you know, I am shorting BTC from 6700, the first target has been reached, but what can be a second one?
In the linked idea I mentioned below 5k and 4k level as extremely bearish level just by looking at supports and resistances, but looking at other indicators probably it will be higher.
A retest of the 100bn market cap level is likely, and considering the 18.3millions BTC in the market, it would correspond to a level of 5400. 5400-5500 is also the 200weekly MA, a level that was broken in the past but the price never closed below.
50 months MA is at 5100, another super stron leve that held the price many times.
So my next target is the are 5100-5400, after that I expect a consolidation/increase, this time a long lasting one.
BTC dominance has little room to go on the upside, just a couple of % points, assuming the descending triangle we are in is correct. I think it is cause we broke the ascending dynamic trendline at the beginning of 2020, meaning the the longer term trend is down. This is consistent with a "small" way down to 5100-5400, after we will see the full recovery!
To sum up-> SHORT TERM SHORT, LONG TERM LONG !!
In the linked idea I mentioned below 5k and 4k level as extremely bearish level just by looking at supports and resistances, but looking at other indicators probably it will be higher.
A retest of the 100bn market cap level is likely, and considering the 18.3millions BTC in the market, it would correspond to a level of 5400. 5400-5500 is also the 200weekly MA, a level that was broken in the past but the price never closed below.
50 months MA is at 5100, another super stron leve that held the price many times.
So my next target is the are 5100-5400, after that I expect a consolidation/increase, this time a long lasting one.
BTC dominance has little room to go on the upside, just a couple of % points, assuming the descending triangle we are in is correct. I think it is cause we broke the ascending dynamic trendline at the beginning of 2020, meaning the the longer term trend is down. This is consistent with a "small" way down to 5100-5400, after we will see the full recovery!
To sum up-> SHORT TERM SHORT, LONG TERM LONG !!
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Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427