BITCOIN BREAKS 32K SUPPORT, ARE WE HEADED TO NEW LOWS?
Bitcoin has broken below the horizontal support at 32K on strong volume and a large candle. In yesterday's post, I mentioned that I was looking for a potential long upon a bounce off of the 32K level, unfortunately price didn't bounce at that level. We are now trading below 32K and price appears to be consolidating. Below are the three potential scenarios I'm preparing for and I will react based on the scenario that takes place. In trading, we prepare for potential scenarios and act accordingly; we don't predict prices out of thin air.
Scenario 1: Price continues to fall and hits the descending channel support trendline at 31.3K and bounces, giving us a long entry signal
Scenario 2: Price reclaims the 32K level and retests it as support, giving us a long entry signal
Scenario 3: Price grinds up to the 200MAs, currently sitting at roughly 32.8K and gets rejected, giving us a short entry signal
If we were to break down below 31.3K, that would be very bearish, and opens up the possibility of 30K, 28.8K, and potentially 24-25K. So in a sense, 31.3K is the last line in the sand before price goes to lower lows.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Scenario 1: Price continues to fall and hits the descending channel support trendline at 31.3K and bounces, giving us a long entry signal
Scenario 2: Price reclaims the 32K level and retests it as support, giving us a long entry signal
Scenario 3: Price grinds up to the 200MAs, currently sitting at roughly 32.8K and gets rejected, giving us a short entry signal
If we were to break down below 31.3K, that would be very bearish, and opens up the possibility of 30K, 28.8K, and potentially 24-25K. So in a sense, 31.3K is the last line in the sand before price goes to lower lows.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
