BTC Finally Broke the 45k Support, New Support Being Established
Hello friends,
So, after attempting to break it six times (from early December to New Year), BTC finally broke down past the very strong 45k support zone; and as I mentioned in my previous analysis, this indeed took more than FUD.
I believe a number of factors contributed to the merciless massacre of the bulls, leading to a slump that took the top coin down to more than three-month low at around 41k.
- Rapid spread of spread of the Omicron variant
- A series of negative headlines, from protests in Kazakhstan, world's second largest BTC mining hub, to China's fresh round of crackdown, threats and more
And now, BTC is in the process of establishing a new support after days of extreme fear, dumping and massive losses just as we ushered in the new year 2022. In my view, the new support could be around 41-42k. The previous support (45k) now becomes resistance.
From the look of things, the bulls are not yet out of the woods; slump could continue all the way to 39k if the bulls fail to hold strong at 42k.
I would recommend a Stop Loss just below 42k.
Trade with caution. I am not a financial expert.
Thank you for your time.
So, after attempting to break it six times (from early December to New Year), BTC finally broke down past the very strong 45k support zone; and as I mentioned in my previous analysis, this indeed took more than FUD.
I believe a number of factors contributed to the merciless massacre of the bulls, leading to a slump that took the top coin down to more than three-month low at around 41k.
- Rapid spread of spread of the Omicron variant
- A series of negative headlines, from protests in Kazakhstan, world's second largest BTC mining hub, to China's fresh round of crackdown, threats and more
And now, BTC is in the process of establishing a new support after days of extreme fear, dumping and massive losses just as we ushered in the new year 2022. In my view, the new support could be around 41-42k. The previous support (45k) now becomes resistance.
From the look of things, the bulls are not yet out of the woods; slump could continue all the way to 39k if the bulls fail to hold strong at 42k.
I would recommend a Stop Loss just below 42k.
Trade with caution. I am not a financial expert.
Thank you for your time.