BTC on the brink of collapse, targets 9800
BTC is in a short state, if the 1w level is completely broken, the long-term can see 9800
1. The downside is large, and it is difficult to reverse the decline
(1) The horizontal support is collapsing across the board
At present, the 1d, 4h and 1h levels of BTC are all in a state of breaking and short positions, and there is no sign of turning around and resisting; if the 1w support line of 37150 is broken at 8:00 a.m. on Monday, May 9, it can be announced - the death of the Qing Dynasty Now - in the state of 1w-level big shorts, you can see the 9800-10500 range below the monthly line in the long-term, and there is nothing impossible.
(2) There is still a lot of room for price decline
At the current level of 1d, the closest position visible to the naked eye below is the daily and weekly lows of 34300 and 32850; combined with the Fib ratio of the falling length, the BTC price may reach the range of 33800-31300.
(3) The upward channel is broken one after another
From the perspective of the channel trend, the price has effectively penetrated the upward channel established since the January low of 32850, and is running along the newly established strong downward channel. Only the upward channel established since April 2021 with the first line of 34800 is supported-if it cannot be held, the space below is huge.
2. The fall time has "exceeded the standard", but no effective rebound has yet been seen
Since hitting a first-line high of 48200 on March 28, 2022, it has been down for 39 days as of yesterday - this is longer than the "normal" time, but it is still making new lows - this wave of decline is indeed unusual.
1. The downside is large, and it is difficult to reverse the decline
(1) The horizontal support is collapsing across the board
At present, the 1d, 4h and 1h levels of BTC are all in a state of breaking and short positions, and there is no sign of turning around and resisting; if the 1w support line of 37150 is broken at 8:00 a.m. on Monday, May 9, it can be announced - the death of the Qing Dynasty Now - in the state of 1w-level big shorts, you can see the 9800-10500 range below the monthly line in the long-term, and there is nothing impossible.
(2) There is still a lot of room for price decline
At the current level of 1d, the closest position visible to the naked eye below is the daily and weekly lows of 34300 and 32850; combined with the Fib ratio of the falling length, the BTC price may reach the range of 33800-31300.
(3) The upward channel is broken one after another
From the perspective of the channel trend, the price has effectively penetrated the upward channel established since the January low of 32850, and is running along the newly established strong downward channel. Only the upward channel established since April 2021 with the first line of 34800 is supported-if it cannot be held, the space below is huge.
2. The fall time has "exceeded the standard", but no effective rebound has yet been seen
Since hitting a first-line high of 48200 on March 28, 2022, it has been down for 39 days as of yesterday - this is longer than the "normal" time, but it is still making new lows - this wave of decline is indeed unusual.