My previous forecast with moving averages analysis was perfect. Everything looked too similar to previous moments in history when BTC fell so chances were extremely high for it to repeat. And so it happened. My only regret is that I was too influenced and afraid to repeat my warnings everyday (to everybody and to myself), cause majority were too bullish and would have thrown rotten tomatos at me ))))
Now re-test of 39-40k is still in progress although we already seen pullback to 34k support (bounced higher which was good). Keep it simple - now we witness dead cat bounce. In order to become something more bullish BTC price has to fix itself above 40-41k and stay there for at least several days. Until then price remain within 30-40k wide range.
Fear&Greed value is now at 11. In March 2020 it touched 8 couple of times before the bounce. The bottom is near for sure, but there is plenty of room for volatility and more dumps (above last wick). So if you look for new entries better wait for another dump that will wick out late longs.
Important daily MAs: EMA233 is at 39733, SMA144 at 48101.
Nearest levels of resistance and support:
🟥 40000 - 43000 - 45000
🟩 36000 - 34000 - 31000
Comment:
Nothing bullish is in June and maybe two following months.
Comment:
Fear&Greed indicator that dropped to 10. In 5/6 cases extreme fear led to bounce or reversal. I've marked them on chart.
Sure chart look more like 2018. But at least we should see a bounce here. Just remember about it and don't get into shorts at current prices. And longs are good for short term (<2 weeks).
Fear&Greed indicator that dropped to 10. In 5/6 cases extreme fear led to bounce or reversal. I've marked them on chart.
Sure chart look more like 2018. But at least we should see a bounce here. Just remember about it and don't get into shorts at current prices. And longs are good for short term (<2 weeks).
Comment:
Fear&Greed index dropped to 10 third time within last 3 months Eyes In previous years that usually led to some bounce. When this time?
On the other hand BTC haven't reached -70% minimum decrease in price which is traditionally required to resume growth. Such traditions can't be ignored despite low timeframe price action. -70% is at 19450$
On the other hand BTC haven't reached -70% minimum decrease in price which is traditionally required to resume growth. Such traditions can't be ignored despite low timeframe price action. -70% is at 19450$
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These are nearest major resistance zones according to session volume data.
~39777 / 45000 / 48190