We are near one of major support that we talked about it on daily charts that targets reached:
and we may have some range or rise here on this area too I know market is strongly bearish now and can break this local support that mentioned on chart but lets take short-term analysis after while .
we have rise from 47500 and best entry point for long now are 0.5% and 0.6% Of Fibonacci that are : 0.5% = 48600$ 0.61% = 47800$
market can gain strength if touch these supports and continue to rise (0.5 already touched).
else we may have some more shorts and continuation of falling .
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Trade active
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after these targets we are looking for some range and rise :
It will probably go to the 38-42k area in the coming weeks, but trying today would surely be met with support earlier so you are most likely correct we'll get a small rally later today or on Friday and for the week-end with bearish trend resuming next week.
But IF it does go to 38-42k this week... after the rally, bear target might be 25-32k over the next few weeks.... time will tell....
MMBTtrader
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@RamzaBehoulve, it can why not market has strong reversal pattern at top and it can fall
and if one support break we may have more fall and we are now looking for that zone that remain valid
apsnt
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I think strong selling pressure is going to continue today and maybe a few more days a with few breaths in between. People just entered disbelief or denial. Not sure which, you get my point ;). Quality content, as always MMBT!
MMBTtrader
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@apsnt, thanks a lot bro and yes it can continue and i will update 4H and daily charts soon but we may have some correction and rise in this area too and that's good for short-term traders
tvcross
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@MMBTtrader, we will be grateful if you can share any new update about your last call.
Mihai_Iacob
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I think we are at the begining of a down trend
MMBTtrader
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@OptimoomFX, i had same idea too but this analysis is for short-term traders and consider falling too and said which condition is needed for price to go lower
tvcross
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@MMBTtrader, as far i know short-term means less then a Year. :) Agreed +++
sxott72
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@OptimoomFX, I hope so. I traded all my BTC for stable coins at 53k. I want to buy back twice as much :)
But IF it does go to 38-42k this week... after the rally, bear target might be 25-32k over the next few weeks.... time will tell....