As we all know, it was on 29 Jan that Elon musk, the famous billionaire, with changing his Twitter account’s bio to #Bitcoin pumped BTCUSD pair by almost 17% (+$6000)
With the help of this great man, we ALMOST break out from the correction phase and even hit the first target of the Fibonacci extension, BUT, just like the china pump in 2019, it was all fake.
You could easily identify that a dump is about to occur, if you had that ascending diagonal trend line in your chart, as it has tested to be a great support/resistance indicator in the past.
With all that said and the information in the chart, I think the correction is far away from being over But if you have high hopes about bitcoin, then you should pray that the current support around 33.2k holds, and the great resistance around 34.5k + the descending diagonal trend line breaks.
I’m still looking at the low 28k to see how it would react to the incoming nuke down. If we fail to bounce from there, then the next destination would be around 24k. Hope you enjoy my insight on the current situation of the market, if so, please hit the like button and maybe leave a comment for me. Appreciate the support fellas 😉