What happened to BTC? My latest analysis
Hello everyone,
Today Bitcoin is taking another dip (the third one) after Evergrande FUD and US Infrastructure Bill vote, this time because of a new Coronavirus variant and the Black Friday (correlation with 2020) (stocks have been affected as well).
I expect BTC to either bounce at the bottom of the descending parallel channel (51.8K) or at the MA200 on 4H (46.8K).
Last year alts (LTC here) did -30% for 3 days during the Black Friday 2020. Currently sitting at -14% so it might indicate the dump is not over.
I don't recommend shorting because it's already quite oversold and we know what happens in Bullcember anyway. Bitcoin will rise up again soon!
Today Bitcoin is taking another dip (the third one) after Evergrande FUD and US Infrastructure Bill vote, this time because of a new Coronavirus variant and the Black Friday (correlation with 2020) (stocks have been affected as well).
I expect BTC to either bounce at the bottom of the descending parallel channel (51.8K) or at the MA200 on 4H (46.8K).
Last year alts (LTC here) did -30% for 3 days during the Black Friday 2020. Currently sitting at -14% so it might indicate the dump is not over.
I don't recommend shorting because it's already quite oversold and we know what happens in Bullcember anyway. Bitcoin will rise up again soon!
Comment:
03 Dec dump is due to again another Evergrande FUD among other things. Bitcoin touched the exact bottom at 51.8k. Whether it holds is the question. I could see a scam / flash dump to 46k in the coming day / days then a road to 100k.
Comment:
04 Dec dump broke the bottom of the descending parallel channel and bounced on the daily MA200 as described, this conclude the current chart. I did not analyse yet where we could head next.