The next level we are closely watching is the $28k.
We are having a strong bearish Marubozu candle on the $BTC weekly. Let's see how it closes but it's unlikely we don't go lower.
Note that there is no strong support level between $19.5k (previous bull run's top) to $28k. So not sure how low we can go if $28k doesn't hold. $22.9k would be the low based on our previous post (see related ideas).
Also the correction we had during the summer lasted for around 100 days and BTC was down -55% from its ATH. Now it's 70 days since last ATH and we are down -50% so far. The next 30 days will probably tell us if we are in a bear market or this is 'just' a strong correction.
In any case, there is usually a consolidation period before a new rally starts. That's where we would like to buy. On the low end of that consolidation box after its support has been successfully tested two, three times. I've outlined that scenario in black.
We are not exactly sure about the exact values but we are more confident about the pattern. Let's see!
We are having a strong bearish Marubozu candle on the $BTC weekly. Let's see how it closes but it's unlikely we don't go lower.
Note that there is no strong support level between $19.5k (previous bull run's top) to $28k. So not sure how low we can go if $28k doesn't hold. $22.9k would be the low based on our previous post (see related ideas).
Also the correction we had during the summer lasted for around 100 days and BTC was down -55% from its ATH. Now it's 70 days since last ATH and we are down -50% so far. The next 30 days will probably tell us if we are in a bear market or this is 'just' a strong correction.
In any case, there is usually a consolidation period before a new rally starts. That's where we would like to buy. On the low end of that consolidation box after its support has been successfully tested two, three times. I've outlined that scenario in black.
We are not exactly sure about the exact values but we are more confident about the pattern. Let's see!
We are redefining signal groups with AI generated signals. Our bot scans the top 3000 coins/tokens by market capitalization alerting you to the strongest trends.
DM us for more information about the bot and our services.
DM us for more information about the bot and our services.
