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JacintoMonteiro
May 16, 2023 2:39 PM

BTC Panic Phase Short

Bitcoin / U.S. dollarBitstamp

Description

27,8k was rejected and 27,5k was a strong resistance.

Looks like we going down to 24k... 20k.

An idea about incoming panic phase.

Wouldn't be surprised if we hit 10-12k to be honest.

Don't underestimate the drop power of this market.

Good luck.

Comment

Very close to weekly MA200.
If we break it down bulls will be quite scared.

Comment

Closer look on the daily chart you can see the MA100 in soft blue.
When this MA turns down, historically since birth, BTC drops everytime 15 to 50% .

Comment

Looks like a bear flag

Comment

85% drop from the top would be a quite normal % for a BTC bear market.

Comment

Bear flag confirmed.

Comment

Looks like another bear flag forming very similar to the previous above.

Comment

Bear flag update

Comment

We might not go so low as predicted but 26-25k is still a possibility.

Ma50 seems to be turning to the upside and pretending to finally cross the MA200 putting an end to the bear market.

Comment

Crucial moment.
MACD crossed.
Bearish move.

Comment

Update:

Comment

We broke down the bear flag as predicted.

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This TA initial idea of an huge Head and Shoulder starting to take shape.

Comment

We are touching the 24k.

Getting closer to MA200 daily as expected. It should be around 23,7k .

A strong bounce may happen in this area.
Comments
waqarasiya1996
26521 is strong support
JacintoMonteiro
@waqarasiya1996, Yes MA200 weekly is strong support.
204f527996864c37bf99691291ae25
@waqarasiya1996, awesome support, cope bull
JabezDolz
n00b_trader420
seems like a logical idea
JacintoMonteiro
@n00b_trader420, Thanks! Lets see how it goes! :)
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