Bitcoin broke all major supports on Wednesday after it fell by 15% to hit a new 52-week low at $15,600. This fall came after the collapse of FTX, the main trigger for the deep sell-off.
Earlier this week, Bitcoin was trading at $21,500 before it fell to $15,600 in just two days. Although traders are rushing to buy this new low, it is important to confirm if there are any signs of a reversal!
In the 4-hour time frame, we can see that Bitcoin is approaching the previous support zone at $18,500. It is too early to say if this is a reversal as it could be a bearish retest of the breakout zone. This is why traders should wait for the price to reclaim the resistance at $18,500 before taking any long positions.
If the resistance is reclaimed, traders can expect the price to go back to the $20,000 zone in the coming week. However, if the price is rejected by the resistance, it will be seen as a bearish retest, and a new 52-week low could be hit in the coming week.
The major points of interest are $18,500 and $15,600.
Earlier this week, Bitcoin was trading at $21,500 before it fell to $15,600 in just two days. Although traders are rushing to buy this new low, it is important to confirm if there are any signs of a reversal!
In the 4-hour time frame, we can see that Bitcoin is approaching the previous support zone at $18,500. It is too early to say if this is a reversal as it could be a bearish retest of the breakout zone. This is why traders should wait for the price to reclaim the resistance at $18,500 before taking any long positions.
If the resistance is reclaimed, traders can expect the price to go back to the $20,000 zone in the coming week. However, if the price is rejected by the resistance, it will be seen as a bearish retest, and a new 52-week low could be hit in the coming week.
The major points of interest are $18,500 and $15,600.
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.