Urgent Update- BTC break down confirmed- Profit taking at $23K?
This is my $BTC/$USD 4/24 chart about 24 hours since my post last night which is linked.
I want to be brief to give traders and crypto holders the most time possible for them to prepare their holdings as best as possible for another big plunge in the BTC price, and try to profit from Shorting BTC and ETH as I have done if they agree with my chart analysis.
As stated last night the lower border of the triangle BTC was in was $31K, and BTC has decisively broken down below that price and out of the triangle on the downside. The length of the triangle is 8,000 points giving a downside predicted BTC price for profit taking of $23K. there isn't much support down to that price given the parabolic rise in price from $20 to $30K, with support probably at $26,750 and then at $23,250 which hopefully will be the bottom of this market correction before the bull-run recommences - but no-one can be sure what the price of a market will ultimately do of course.
The market has stayed surprisingly calm ATM despite BTC being under $31K with continued buying pressure - but I expect that once BTC is under $30K and back to $29.9K and below that there will be increasing selling pressure as traders with Margin positions try to avoid liquidation by selling into a falling market, and there will then there general panic selling as we've seen in the other falls in BTC price over 10%.
So I expect there will be a 20-25% fall in the BTC price and ETH price which follows BTC closely in the next 24 hours or 48 hours at the most. I can't give investment advice of course, but I have changed some of my holdings that have doubled and tripled in value into stable coins hoping to buy back in when their prices have fallen 20-40% if there's overselling, and I have sold out of my Margin positions and have that Margin lending available now to buy back in when BTC is at $23-24K and most others who haven't got an eye on the big picture are panicking and selling at the bottom - and I have put some sizable Futures SHORT positions on BTC and ETH which are already over 50% in profit.
As I said in my twitter post when I posted this graph #BattenDown - I think there's only a small window of opportunity remaining to do that and to set up for big profits from shorting before the proverbial SHTF. Good luck.
I want to be brief to give traders and crypto holders the most time possible for them to prepare their holdings as best as possible for another big plunge in the BTC price, and try to profit from Shorting BTC and ETH as I have done if they agree with my chart analysis.
As stated last night the lower border of the triangle BTC was in was $31K, and BTC has decisively broken down below that price and out of the triangle on the downside. The length of the triangle is 8,000 points giving a downside predicted BTC price for profit taking of $23K. there isn't much support down to that price given the parabolic rise in price from $20 to $30K, with support probably at $26,750 and then at $23,250 which hopefully will be the bottom of this market correction before the bull-run recommences - but no-one can be sure what the price of a market will ultimately do of course.
The market has stayed surprisingly calm ATM despite BTC being under $31K with continued buying pressure - but I expect that once BTC is under $30K and back to $29.9K and below that there will be increasing selling pressure as traders with Margin positions try to avoid liquidation by selling into a falling market, and there will then there general panic selling as we've seen in the other falls in BTC price over 10%.
So I expect there will be a 20-25% fall in the BTC price and ETH price which follows BTC closely in the next 24 hours or 48 hours at the most. I can't give investment advice of course, but I have changed some of my holdings that have doubled and tripled in value into stable coins hoping to buy back in when their prices have fallen 20-40% if there's overselling, and I have sold out of my Margin positions and have that Margin lending available now to buy back in when BTC is at $23-24K and most others who haven't got an eye on the big picture are panicking and selling at the bottom - and I have put some sizable Futures SHORT positions on BTC and ETH which are already over 50% in profit.
As I said in my twitter post when I posted this graph #BattenDown - I think there's only a small window of opportunity remaining to do that and to set up for big profits from shorting before the proverbial SHTF. Good luck.
