Bitcoin Broke 30K, Best Time to Buy or Last chance to Sell?
Hi guys, this is OG back with another cryptocurrency update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Bitcoin has just created a lower low on the macro/daily timeframe by breaking the 30K level, so far has traded as low as 28.8K. This is definitely bearish, no way to sugarcoat it. If prices dont bounce here soon, the next levels of support are the 22-24K where thee was an orderblock, and then 20K, which is the previous ATH from the 2017 market top. There is a chance that this was a fakeout to shake out / liquidate some longs, but in order for this thesis to be confirmed, we'd need to see price bounce relatively soon. Otherwise, if prices continue to go down or consolidate sideways, then that possibility becomes invalidated.
One last thing i want to say is that, if you havent already, review your portfolio and make sure you are prepared for both upside and downside, prepared for both if prices bottom here and if we enter a multi-year bear market. Form a plan for both cases so you wont be caught off-guard and make emotional decisions.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
Bitcoin has just created a lower low on the macro/daily timeframe by breaking the 30K level, so far has traded as low as 28.8K. This is definitely bearish, no way to sugarcoat it. If prices dont bounce here soon, the next levels of support are the 22-24K where thee was an orderblock, and then 20K, which is the previous ATH from the 2017 market top. There is a chance that this was a fakeout to shake out / liquidate some longs, but in order for this thesis to be confirmed, we'd need to see price bounce relatively soon. Otherwise, if prices continue to go down or consolidate sideways, then that possibility becomes invalidated.
One last thing i want to say is that, if you havent already, review your portfolio and make sure you are prepared for both upside and downside, prepared for both if prices bottom here and if we enter a multi-year bear market. Form a plan for both cases so you wont be caught off-guard and make emotional decisions.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
Comment:
Getting a nice bounce. Don’t want to see close below 31.5K because that would give a short signal on the 15min
Comment:
Next level for bulls to conquer is 33k, above the 200MAs on the 15min.
Comment:
Next resistance is 35-36K, the 200MAs on the 1H timeframe. We kind of just had an inverse head and shoulders breakout which should allow price to break above.
