With the collapse of UST (TerraUSD) and the depeg of USDT (Tether), the fear level in the cryptocurrency markets is at a high.
The total market cap of the cryptocurrency market has more than halved since the peak as market participants rush to exit, preferring fiat over digital dollars. The net outflows have left Bitcoin prices teetering on the edge of no man’s land with no support in sight.
A brief break of the $30,000 psychological support level on May 12, as well as the 61.8% Fibonacci retracement level, all points to potential further weakness for Bitcoin.
Things get uglier when we look down for support. A big gap remains from current price levels to the next level of support at the $20,000 range, followed by the next Fibonacci retracement level at the $18,000 range.
As headwinds including regulatory crackdowns and continued risk-off sentiment compounded for the cryptocurrency markets, we expect more downside from here. Be careful out there!
Entry at 30,200, stop above 36,915. Targets are 23,000 and 20,000.
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
The total market cap of the cryptocurrency market has more than halved since the peak as market participants rush to exit, preferring fiat over digital dollars. The net outflows have left Bitcoin prices teetering on the edge of no man’s land with no support in sight.
A brief break of the $30,000 psychological support level on May 12, as well as the 61.8% Fibonacci retracement level, all points to potential further weakness for Bitcoin.
Things get uglier when we look down for support. A big gap remains from current price levels to the next level of support at the $20,000 range, followed by the next Fibonacci retracement level at the $18,000 range.
As headwinds including regulatory crackdowns and continued risk-off sentiment compounded for the cryptocurrency markets, we expect more downside from here. Be careful out there!
Entry at 30,200, stop above 36,915. Targets are 23,000 and 20,000.
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
Full Disclaimer - inspirantets.com/disclaimer