In this video we show you the mother of all trendlines on BTC and why we think it will likely catch a dead cat bounce.
The total crypto market cap is at an inflection point. If this level doesn't hold we have a failed weekly bullish pattern.
A failed bullish pattern of results in extreme downside pressure.
BTC is retracing to a key 618 Fib level from your tariff low selloff so there is some support here.
Its also hitting a monthly chart trendline going back several years.
I like crypto for a long here on a risk to reward basis. If we lose this area keep in mind our next major support is $85k which is another 10K lower.
The total crypto market cap is at an inflection point. If this level doesn't hold we have a failed weekly bullish pattern.
A failed bullish pattern of results in extreme downside pressure.
BTC is retracing to a key 618 Fib level from your tariff low selloff so there is some support here.
Its also hitting a monthly chart trendline going back several years.
I like crypto for a long here on a risk to reward basis. If we lose this area keep in mind our next major support is $85k which is another 10K lower.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.