BTC after breaking down from a big wedge, again broke down from a bearflag formation. It broke the 31k-29k range consolidation & all 2021 lows.
If 29k is not recovered next few days, 28k & 25K/24k will be next.
Worst scenario is the wedge-measured move down at 20k.
All risk assets down Wednesday 18May in a capitulation-like move, the worst down day since the pandemic. More pain to come if 28k/27k or WMA150 also broke. 25/24k is not a strong support. The next fall to 20k will be fast & the reversal even faster.
Currently, the BTC drop was halted at the WMA150 line at around 26700. The next weekly WMA200 support is now at 22k going towards 24k, a 1.618 Fib level.
Wave 4 is an expanded flat…from 69k down to 26700.
Not trading advice
If 29k is not recovered next few days, 28k & 25K/24k will be next.
Worst scenario is the wedge-measured move down at 20k.
All risk assets down Wednesday 18May in a capitulation-like move, the worst down day since the pandemic. More pain to come if 28k/27k or WMA150 also broke. 25/24k is not a strong support. The next fall to 20k will be fast & the reversal even faster.
Currently, the BTC drop was halted at the WMA150 line at around 26700. The next weekly WMA200 support is now at 22k going towards 24k, a 1.618 Fib level.
Wave 4 is an expanded flat…from 69k down to 26700.
Not trading advice