Good day everyone!
These past days, the crypto market painted blood due to the recent drop of BTC. If you are following my idea, I posted previously that there's a Head & Shoulders pattern already forming on BTC on 1 WK TF and now it already materializes. Now, what can we expect on BTC on the coming days? In my own analysis, there will be another leg down before we can say that BTC has already bottomed.
BTC failed to close above $39k area, the big green line on the chart. Now, since it failed to close above it, and the opening of the week traded below $36k, there's a big chance that BTC will hit below prices as indicated in the chart.
1st = $32,859 - $33k price level ( where the lower channel support is located)
2nd = $31,680 where the 100SMA is located.
3rd = $28,331 where the 0.382 FIBO is located.
If you go short, make sure to take profit at each level and of course, set your desired SL to avoid liquidation for futures traders.
If you like my idea please follow, like and comment if you have something to say.
Many thanks.
These past days, the crypto market painted blood due to the recent drop of BTC. If you are following my idea, I posted previously that there's a Head & Shoulders pattern already forming on BTC on 1 WK TF and now it already materializes. Now, what can we expect on BTC on the coming days? In my own analysis, there will be another leg down before we can say that BTC has already bottomed.
BTC failed to close above $39k area, the big green line on the chart. Now, since it failed to close above it, and the opening of the week traded below $36k, there's a big chance that BTC will hit below prices as indicated in the chart.
1st = $32,859 - $33k price level ( where the lower channel support is located)
2nd = $31,680 where the 100SMA is located.
3rd = $28,331 where the 0.382 FIBO is located.
If you go short, make sure to take profit at each level and of course, set your desired SL to avoid liquidation for futures traders.
If you like my idea please follow, like and comment if you have something to say.
Many thanks.