Price is in a freefall right now. There are a few places it should stop. The first place is a previous retracement Seller’s Last Stand Zone (SLS or 78.6-88.6% Retracement Level) between 51,384 and 50,215. Price broke through this as I was typing this up. It is holding but price took a fast train down over $3,000 in the last 15 minutes. It has now moved down to exactly 48k and seems to be coming back up but I just watched BTC drop 6k in about 6 min.
First, let’s look at Impulsive Move 1 and Retracement Move 2. We will also look at the SLS zone created by Retracement Move 1.
If you look at the chart, the retracement from Impulsive Move 1 (I am calling this Retracement Move 2) came down almost all the way down to the Seller’s Last Stand Zone between 39,313 and 38,239. Price wicked down to 39,600 which for Bitcoin is the same as hitting the target. You will also notice that it was inside the 50-61.8% zone (Buyer’s Zone). In this retracement, price did not go very far into the 50% zone and it did a prefect second touch and then shot up strongly from that second touch. It was also a shorter retracement in terms of time. This was only 22 days.
Second, let’s look at Impulsive Move 2 and Retracement Move 3. We will also look at the SLS zone created by Retracement Move 2.
Looking at the chart, the retracement from Impulsive Move 2 (I am calling this Retracement Move 3 and is the current move) Price has completely pushed past the Seller’s Last Stand Zone from Retracement Move 2 between 51,384 and 50,215. Price has also broken well below the current 50% zone and is heading quickly toward the Buyer’s Last Stand Zone between 46,707 and 44,053. Price has almost broken down out of the channel but seems to be respecting it currently. I doubt this will hold. Price is really reaching right now.
Both the H1 and H4 LASS support price dropping further. I do believe we will see close to if not just below 40k BTC this weekend. Maybe even tonight. I may not get any sleep tonight lol.
First, let’s look at Impulsive Move 1 and Retracement Move 2. We will also look at the SLS zone created by Retracement Move 1.
If you look at the chart, the retracement from Impulsive Move 1 (I am calling this Retracement Move 2) came down almost all the way down to the Seller’s Last Stand Zone between 39,313 and 38,239. Price wicked down to 39,600 which for Bitcoin is the same as hitting the target. You will also notice that it was inside the 50-61.8% zone (Buyer’s Zone). In this retracement, price did not go very far into the 50% zone and it did a prefect second touch and then shot up strongly from that second touch. It was also a shorter retracement in terms of time. This was only 22 days.
Second, let’s look at Impulsive Move 2 and Retracement Move 3. We will also look at the SLS zone created by Retracement Move 2.
Looking at the chart, the retracement from Impulsive Move 2 (I am calling this Retracement Move 3 and is the current move) Price has completely pushed past the Seller’s Last Stand Zone from Retracement Move 2 between 51,384 and 50,215. Price has also broken well below the current 50% zone and is heading quickly toward the Buyer’s Last Stand Zone between 46,707 and 44,053. Price has almost broken down out of the channel but seems to be respecting it currently. I doubt this will hold. Price is really reaching right now.
Both the H1 and H4 LASS support price dropping further. I do believe we will see close to if not just below 40k BTC this weekend. Maybe even tonight. I may not get any sleep tonight lol.
