On the daily time frame, the death cross is in. That means the 50 day moving avg has crossed the 200 day moving avg. It's a bearish pattern and could mean a future down trend for Bitcoin.
In the short term you could see a rally. This is known as a dead cat bounce. That could go as high as a 50% retracement before turning to the down side. From it's current down trend that meaning reaching $35050. Also if you take a look at all the previous death crosses in BTC's history there can even be a short lived rally that happens above this. However, historically the death cross will have some drop within the next week or so.
Watch for the drop to play out and buy the dip.
So how low is BTC likely to go? There are two key levels. One is at $28800 and the other is at $24500. Below that it's $20k. These are likely scenarios. If it hits the one, don't ape in, just dollar cost average (dca) in and watch.. it reaches the other, dca in there too (not financial advice).
Remember, wait, watch and buy the dip. Good luck out there.
In the short term you could see a rally. This is known as a dead cat bounce. That could go as high as a 50% retracement before turning to the down side. From it's current down trend that meaning reaching $35050. Also if you take a look at all the previous death crosses in BTC's history there can even be a short lived rally that happens above this. However, historically the death cross will have some drop within the next week or so.
Watch for the drop to play out and buy the dip.
So how low is BTC likely to go? There are two key levels. One is at $28800 and the other is at $24500. Below that it's $20k. These are likely scenarios. If it hits the one, don't ape in, just dollar cost average (dca) in and watch.. it reaches the other, dca in there too (not financial advice).
Remember, wait, watch and buy the dip. Good luck out there.