Hi Traders!
Last night we witnessed a sharp move on the bitcoin and the whole market. Bitcoin fell by about 15% and altcoins by up to 20 - 30%. So let's do a bitcoin analysis so we know what actually happened and what could that mean?
Scenarios:
1. Triangle
2. Channel
We have been watching these two scenarios in recent weeks. Although it looked like a triangle, ultimately bitcoin opted for a channel. Therefore, the overall decline is not yet over and the first pillow that should stop the fall is the blue support. This, however, is far from over. It is currently very difficult to determine where bitcoin can go. However, we can deduce a few facts:
1. Triangel is excluded as an option
2. We need to postpone the $ 15,000 target for a longer period of time
3. A drop to $ 8,000 may not be the final station
4. The extreme bearish scenario is that we also cross the channel down
We do not recommend buying into the position, because after such a sharp decline, the graph usually cools down for a while. Not even a further decline would be surprising. We have to wait, but we do not see any signs of a "quick return" yet.
May the crypto be with you!
Last night we witnessed a sharp move on the bitcoin and the whole market. Bitcoin fell by about 15% and altcoins by up to 20 - 30%. So let's do a bitcoin analysis so we know what actually happened and what could that mean?
Scenarios:
1. Triangle
2. Channel
We have been watching these two scenarios in recent weeks. Although it looked like a triangle, ultimately bitcoin opted for a channel. Therefore, the overall decline is not yet over and the first pillow that should stop the fall is the blue support. This, however, is far from over. It is currently very difficult to determine where bitcoin can go. However, we can deduce a few facts:
1. Triangel is excluded as an option
2. We need to postpone the $ 15,000 target for a longer period of time
3. A drop to $ 8,000 may not be the final station
4. The extreme bearish scenario is that we also cross the channel down
We do not recommend buying into the position, because after such a sharp decline, the graph usually cools down for a while. Not even a further decline would be surprising. We have to wait, but we do not see any signs of a "quick return" yet.
May the crypto be with you!