Bitcoin: $20 000, $14 000, $10 000, $6000, $3500
What a wonderful dump!
The market gives one more time the priceless knowledge and experience to everyone. But not everyone is ready to use this stuff properly. For some traders, investors, crypto enthusiasts their dreams and wishes are more important than the reality. I read so many times about «We move to the Moon», «Bitcoin at $100 000», «Bitcoin will never move back to $20 000» etc, from «experts» and now what?
We see the amazing dump after the breakout below the key support around $30 000. We see the strong bearish pressure which can push the price not only to $20 000, but much deeper.
This week, there will be the FED meeting. They will have to take a decision about new rates. I want to believe that this dump is a reaction to this event. That the rates will be increased more than experts could plan. If it is the reaction to the higher inflation in the US... we should be ready to see new lows during this week.
From TA point the market is oversold. And we should be ready to see a pullback. It is a matter of time and it is a part of any trend. But we shouldn't expect any trend reversal in the short and medium-term. There are no fundamental reasons for it right now. If so, we have to consider $20 000, $14 000, $10 000 as reachable bearish targets.
Probably, the true bottom will be between $14 000 and $10 000 key support levels. But I would also consider $6000 and $3500 as possible targets in the World, where the global economic crisis is a part of our life.
And what do you think about the current situation? Share your thoughts in the comments below!
The market gives one more time the priceless knowledge and experience to everyone. But not everyone is ready to use this stuff properly. For some traders, investors, crypto enthusiasts their dreams and wishes are more important than the reality. I read so many times about «We move to the Moon», «Bitcoin at $100 000», «Bitcoin will never move back to $20 000» etc, from «experts» and now what?
We see the amazing dump after the breakout below the key support around $30 000. We see the strong bearish pressure which can push the price not only to $20 000, but much deeper.
This week, there will be the FED meeting. They will have to take a decision about new rates. I want to believe that this dump is a reaction to this event. That the rates will be increased more than experts could plan. If it is the reaction to the higher inflation in the US... we should be ready to see new lows during this week.
From TA point the market is oversold. And we should be ready to see a pullback. It is a matter of time and it is a part of any trend. But we shouldn't expect any trend reversal in the short and medium-term. There are no fundamental reasons for it right now. If so, we have to consider $20 000, $14 000, $10 000 as reachable bearish targets.
Probably, the true bottom will be between $14 000 and $10 000 key support levels. But I would also consider $6000 and $3500 as possible targets in the World, where the global economic crisis is a part of our life.
And what do you think about the current situation? Share your thoughts in the comments below!
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But the main thing is… any market doesn’t care what we want and think about it. The market moves to unbelievable targets and reaches them. It is a matter of time.
Guys, thanks a lot for your feedback and interesting comments! You are great!