I previously mentioned if we break this key support zone we would likely see further downside for BTC.
I am looking for a 49-51k BTC by next week, before continuation to the upside.
We are looking for the point of max pain here, its very common to push you to the point you are convinced the bull market is over, you sell your positions, take the loss and then the price decides to take off to the upside. We saw this previously after our last major run up to 64.8k
We are always looking for some kind of reversal from BTC, but we also have to face the facts and react to what the chart gives us.
Right now the charts tell us we broke key support and it is likely we are having a bearish retest right now and are looking for a bounce from the next major support. We have low trading volume and lots of fear in the market. It's a quick drop to 50k from here. Don't be surprised, we may even have a panic sell of and see a large daily wick around the 45k support.
Set your buy orders!
I am looking for a 49-51k BTC by next week, before continuation to the upside.
We are looking for the point of max pain here, its very common to push you to the point you are convinced the bull market is over, you sell your positions, take the loss and then the price decides to take off to the upside. We saw this previously after our last major run up to 64.8k
We are always looking for some kind of reversal from BTC, but we also have to face the facts and react to what the chart gives us.
Right now the charts tell us we broke key support and it is likely we are having a bearish retest right now and are looking for a bounce from the next major support. We have low trading volume and lots of fear in the market. It's a quick drop to 50k from here. Don't be surprised, we may even have a panic sell of and see a large daily wick around the 45k support.
Set your buy orders!