As we see Bitcoin lose 10% of it's market cap in 6 hours, it would be easy to worry of a fall to 6k and beyond (and let's be clear there is still risk!). In the short term, things do look bearish, but this could be the setup to a midterm bull market and new ATHs!
As BTC makes it way down the 9s, it will meet resistance at 9.4-9.6k. Ideally we would see a bit of a bounce here before retesting it and letting the bears have their way. The number we want to be working down towards is 8.9k and this is for 2 reasons:
1. This is where the .500 fib retracement is from the 2 week bull run
2. This is where the right shoulder of a head and shoulder pattern would form which started all the way back in early Jan
Credit on the H&S goes to @krototar who posted about this a week ago. Whilst it isn't a slam dunk, the fact it matches very close to the 50% retrace gives me confidence that we could see the market bounce there in the next 3/4 days. I'm afraid you may bleed in the meantime, but this is where you learn!
Ready yourself for those buy orders if we get confirmation of a bounce on Sunday/Monday!
As BTC makes it way down the 9s, it will meet resistance at 9.4-9.6k. Ideally we would see a bit of a bounce here before retesting it and letting the bears have their way. The number we want to be working down towards is 8.9k and this is for 2 reasons:
1. This is where the .500 fib retracement is from the 2 week bull run
2. This is where the right shoulder of a head and shoulder pattern would form which started all the way back in early Jan
Credit on the H&S goes to @krototar who posted about this a week ago. Whilst it isn't a slam dunk, the fact it matches very close to the 50% retrace gives me confidence that we could see the market bounce there in the next 3/4 days. I'm afraid you may bleed in the meantime, but this is where you learn!
Ready yourself for those buy orders if we get confirmation of a bounce on Sunday/Monday!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.