In my previous analysis, I said that a break above 22k resistance could lead to further gains and a test of the next important resistance at 25k.
However, after the break and a local high of 22.700, CPI data from US triggered a massive selloff and Bitcoin dropped more than 10% from top to bottom.
Considering this false break, the large bearish engulfing, and the downwards direction of the trend, most probably Bitcoin will break also under 20k soon.
In my opinion, this will be Bitcoin's next move and a visit to the 18k previous low is now unavoidable.
Sell rallies against 22k is my strategy for BTC for the short term
In the longer term, a break under 18k would bring panic into the market, and 12.500 would be in focus next. (Considering my outlook for SP500 and other US indices this is a very probable scenario)
However, after the break and a local high of 22.700, CPI data from US triggered a massive selloff and Bitcoin dropped more than 10% from top to bottom.
Considering this false break, the large bearish engulfing, and the downwards direction of the trend, most probably Bitcoin will break also under 20k soon.
In my opinion, this will be Bitcoin's next move and a visit to the 18k previous low is now unavoidable.
Sell rallies against 22k is my strategy for BTC for the short term
In the longer term, a break under 18k would bring panic into the market, and 12.500 would be in focus next. (Considering my outlook for SP500 and other US indices this is a very probable scenario)
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
