Bitcoin has recently penetrated the support structure that we mapped out as the last chance for the buyers to step it. There was an extended wick that attempted price to climb back above $7,500 however it is failing and further downside is ensuing. IF BTC cannot break back above $7,500 on these long wicks and close above a stronger downside will open up. This is pivotal in the coming days. As long as BTC continues to close days below $7,300 and volume increases we can be out for the next support level based on Fibs and previous structure. The first level is the 61.8% extension from the recent tops into $6,100 and then ultimately if the downtrend continues on strong volume, back down to $4,000.
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Disclaimer: This trade idea is for educational purposes exclusively, this does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
Ure such a bad trader to think weekly ma 200eont have any effect, i mean ifnit doesnt stop at 200ma why would it at 4k, which is bigger psychologicAl support
TRADEPROAcademy
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Hey @alimannn@Blockshame appreciate the comments, we're all here to share ideas! I appreciate both of you and your feedback. Opinions are always welcomed in the market world, let's all continue on the path of learning, we're life long students of financial markets. Hope you all have a great day.
alimannn
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@TRADEPROAcademy, I'm agree with you. Thank you so much my friend.
alimannn
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Hi.
I had predicted the sinking well before.
The following diagrams show what I said.
@alimannn, and so what??? you want applaus for that?? As many people thought it will go down, as people thought it will go up... so, you were not alone with that opinion... nothing special