Bitcoin has started to lose it's insane momentum, which was expected but let's see what's next:
1. 42k-40k is a strong support -> past Confluences, past resistance which are now supports, big EMA - SMA - MA support
2. Bullish scenario: Bitcoin is holding above 40k and few weeks/month and by time it start losing or neutralising the macro bearish momentum. After breaking the bearish trendline (White) we can see bitcoin move towards new all time high.
3. Bearish scenario: Breaking of 40k as support will most likely confirm long term bear cycle. There are lot of uncertainties involved here, not just in crypto but overall in every financial markets. Few Black Swan events are upon us. Great for a mid term short entry.
I didnt use many indicators, my motive is to keep it as simple as possible using only price action and price history. I hope it helped you make a good decision, Cheers 🥂
1. 42k-40k is a strong support -> past Confluences, past resistance which are now supports, big EMA - SMA - MA support
2. Bullish scenario: Bitcoin is holding above 40k and few weeks/month and by time it start losing or neutralising the macro bearish momentum. After breaking the bearish trendline (White) we can see bitcoin move towards new all time high.
3. Bearish scenario: Breaking of 40k as support will most likely confirm long term bear cycle. There are lot of uncertainties involved here, not just in crypto but overall in every financial markets. Few Black Swan events are upon us. Great for a mid term short entry.
I didnt use many indicators, my motive is to keep it as simple as possible using only price action and price history. I hope it helped you make a good decision, Cheers 🥂
-Nav
