Bitcoin and the whole crypto market is facing a huge dip. Some see it as a potential bubble pop, others (the smart people, no offence bears) see it as a healthy pullback. A correction was needed. BTC is now under the 2.618 FIB level relative to the 2018 all-time-high. You never know when a pullback will come, but when it does, it hits hard. It shook out a lot of people as it should.
Now we look forward to these two possible situations, in my opinion. BTC still has more way down to go. It can retest the $42,000 level and then continue on its way up to new ATHs (scenario 1). Or it can correct down and test the $38,000 level, which would actually "fill the gap" and the surge caused by the Tesla pump. They are both critical levels and obviously if they don't hold, it could as down as the low $30,000s. Another good confirmation are the RSI and Bollinger Bands indicating that the market is oversold, hence, a reversal is imminent, but it remains difficult to pinpoint at exactly which moment.
In any case, everyone must remain calm. The rally still has way longer to go. This could also mean that an altcoin season is approaching...
What do you think?
Now we look forward to these two possible situations, in my opinion. BTC still has more way down to go. It can retest the $42,000 level and then continue on its way up to new ATHs (scenario 1). Or it can correct down and test the $38,000 level, which would actually "fill the gap" and the surge caused by the Tesla pump. They are both critical levels and obviously if they don't hold, it could as down as the low $30,000s. Another good confirmation are the RSI and Bollinger Bands indicating that the market is oversold, hence, a reversal is imminent, but it remains difficult to pinpoint at exactly which moment.
In any case, everyone must remain calm. The rally still has way longer to go. This could also mean that an altcoin season is approaching...
What do you think?