Hello, dear subscribers!
The Bitcoin dumped today significantly. Today we are going to estimate global targets for the pessimistic scenario for the Bitcoin.
First of all take a look at the all bullish rally since October 2020. We can notice that during corrections the price always found support at the 30-day EMA. Now the price clearly broke this line down. This is the first bearish sign.
The big symmetric triangle which started to form at the beginning of January 2020 was broken down today with a huge red candle.
Now let's consider the potential levels for the BTC. The monthly CPR level ($33000) was broken today. The next strong support is the $33000 level because the price found multiple rejection here, also it coincides with 1.61 global Fibonacci retracement level since 2017 year bull run.
If the price is able to break this level down the next target is monthly CPR ($25300). The last dump level is the symmetric triangle's breakout target which corresponds to it's height. This level is $21400 which exactly coincides with monthly S1 level.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
The Bitcoin dumped today significantly. Today we are going to estimate global targets for the pessimistic scenario for the Bitcoin.
First of all take a look at the all bullish rally since October 2020. We can notice that during corrections the price always found support at the 30-day EMA. Now the price clearly broke this line down. This is the first bearish sign.
The big symmetric triangle which started to form at the beginning of January 2020 was broken down today with a huge red candle.
Now let's consider the potential levels for the BTC. The monthly CPR level ($33000) was broken today. The next strong support is the $33000 level because the price found multiple rejection here, also it coincides with 1.61 global Fibonacci retracement level since 2017 year bull run.
If the price is able to break this level down the next target is monthly CPR ($25300). The last dump level is the symmetric triangle's breakout target which corresponds to it's height. This level is $21400 which exactly coincides with monthly S1 level.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
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