BTC was on an uptrend since the end of July 2021 after the massive correction between May-July. We can see BTC was very bullish with continuous green candles in the weekly chart until we hit 53k. Since that BTC started to correct. As lots of experts predicted this happen in September.
At the moment BTC broke the 42k Local support and trading below. if we refer to Demand Index it is still positive and we can see a downtrend making LH and LL (Demand Index). This indicates that Bears is in control at the moment bring the buying pressure lower.
So how low we can go?
1. Well we need a big green spike on the Volume indicator to reverse the trend and we haven't seen one since mid-August.
2. If we draw Fibonacci on weekly chat we can see the 50% correction 41k and we touched 40k. If we lose this support then the next stop is the 61.8% at 38k. Worst-case scenario next stop at 34k (78.6%)
This is a prediction purely based on technical and I'm ignoring all the FUD news.
In my opinion, 38k is the area where Whales are loading their cash and waiting to BUY. Only if the Bulls lose the battle at 41-42k.
The best strategy is to do Dollar Cost Average from 42k to 38k and accumulate much as we can. Because If we hit 38k or below then we will see a huge bullish spike in volume that will liquidate major bears and create a domino effect. This means BTC could pump from 38k (or 34k) to 48k in a short period.
This is not financial advice, please DYOR and maintain proper Risk Management strategy
At the moment BTC broke the 42k Local support and trading below. if we refer to Demand Index it is still positive and we can see a downtrend making LH and LL (Demand Index). This indicates that Bears is in control at the moment bring the buying pressure lower.
So how low we can go?
1. Well we need a big green spike on the Volume indicator to reverse the trend and we haven't seen one since mid-August.
2. If we draw Fibonacci on weekly chat we can see the 50% correction 41k and we touched 40k. If we lose this support then the next stop is the 61.8% at 38k. Worst-case scenario next stop at 34k (78.6%)
This is a prediction purely based on technical and I'm ignoring all the FUD news.
In my opinion, 38k is the area where Whales are loading their cash and waiting to BUY. Only if the Bulls lose the battle at 41-42k.
The best strategy is to do Dollar Cost Average from 42k to 38k and accumulate much as we can. Because If we hit 38k or below then we will see a huge bullish spike in volume that will liquidate major bears and create a domino effect. This means BTC could pump from 38k (or 34k) to 48k in a short period.
This is not financial advice, please DYOR and maintain proper Risk Management strategy