Yesterday we had another strong sell-off for Bitcoin in the first part of the day and the cryptocurrency dropped under 34k floor. However, after reaching 33k, bulls totally took control and Bitcoin has finished the day into the green. Considering the almost straight line fall from 43k a deeper correction is not only normal but also healthy. From a technical point of view, 34-34.500 zone should act as strong support and the first clear resistance is slightly above 38k Speculators can look to buy dips under 35k with the mentioned target A new low under 33k would negate this scenario.
I think just fake and go down agina for retest 30 or 28 k
Mihai_Iacob
⋅
@david43088, yes, the trend is bearish, however, on short term can see 38k
Oacen
⋅
nasdaq did a huge bounce and btc followed i think we should focus on nasdaq
Mihai_Iacob
⋅
@Oacen, yes, strongly correlated. Also in sticks I see a rebound though:)
Dark_side88
⋅
This is just dead cat jump thanks for the post.
nicholasho79
⋅
I wouldn’t call this a bullish scenario but a pullback. The overall trend is still bearish after its high from last year. On the fundamental side, it’s correlation to Nasdaq and tech stocks can’t be ignored. As we know that feds are predicted to hike rates at an even faster rate this year, as well as the crypto ban in China and potentially Russia, plus uncertainty about Ukraine rn, investors are dumping tech stocks and crypto. Technically, if you look at 1D chart, I would expect BTC to pullback to the 30k level, forming its double bottom or M pattern before moving beyond 70k, which is around mid June to July? By that time, feds asset tapering and rate hikes would be set.
Mihai_Iacob
⋅
@nicholasho79, i m bearish overall, but i m also a speculator, so a buy near 35k has good chances of profit in my view.