✴️ BTC Update
The 61.8 - 65% Fibo area seemed to be holding up rather well at the close of the previous session, this is clearly no longer the case. Remember when we talked about the relationship between the classical markets, the cryptos market and the coronavirus?
Well, after the World Health Organization decided to classify the epidemic as a pandemic, the world's stock exchanges took another blow, bringing the cryptos market in their wake.
The sense of fear in the market has not been as strong since September 26th and the breakdown of the distribution structure.
📊 Technical?
The technical situation is oversold and negative on our 3 main analysis horizons with no sign of reversal for the moment. The support zone at 7300 is now the next bearish target.
📈 Trend follower?
Negative on all time horizons.
👉 What can we do?
The area of 7125 - 7300 is a kind of last rampart before a probable fall around 6800 in case of breakage. This is why an extremely speculative long position can be opened at this level if you are risk-lover.
If this level is broken as if it doesn't exist, you will then turn to 6800 and 6400 for an upward reaction. We will also evaluate the possibility of short on retracement in the event of a breakout.
💹 Altcoins?
Not much more to say than: Bloodbath, the vast majority of the market is in the red.
Stay cautious in these uncertain times guys, but don't panic either! Indeed, remember that quote from Rothschild "When the blood flows in the streets, you must invest in stone"!
Good day to you all.
The 61.8 - 65% Fibo area seemed to be holding up rather well at the close of the previous session, this is clearly no longer the case. Remember when we talked about the relationship between the classical markets, the cryptos market and the coronavirus?
Well, after the World Health Organization decided to classify the epidemic as a pandemic, the world's stock exchanges took another blow, bringing the cryptos market in their wake.
The sense of fear in the market has not been as strong since September 26th and the breakdown of the distribution structure.
📊 Technical?
The technical situation is oversold and negative on our 3 main analysis horizons with no sign of reversal for the moment. The support zone at 7300 is now the next bearish target.
📈 Trend follower?
Negative on all time horizons.
👉 What can we do?
The area of 7125 - 7300 is a kind of last rampart before a probable fall around 6800 in case of breakage. This is why an extremely speculative long position can be opened at this level if you are risk-lover.
If this level is broken as if it doesn't exist, you will then turn to 6800 and 6400 for an upward reaction. We will also evaluate the possibility of short on retracement in the event of a breakout.
💹 Altcoins?
Not much more to say than: Bloodbath, the vast majority of the market is in the red.
Stay cautious in these uncertain times guys, but don't panic either! Indeed, remember that quote from Rothschild "When the blood flows in the streets, you must invest in stone"!
Good day to you all.