BTC looks like it's set to fall further here. I could see price moving down to the
39K
support and bouncing there, then bouncing back towards the top of the range at $44k.
There is a possibility that it could form one more high at the top resistance $48k. However, if that happens, you'll want to sell that area as I think that should be the top.
If price can't break $44k, then it should be good for alts over the coming weeks, below the blue trend line is bearish.
Largely, I think that we'll bounce between
39K
-$44k over the coming weeks though, just have the trendline and top resistance as possibilities.
PSA if we do get that move down to
39K
, alts will bleed a lot. Thinking we could see a 20-50% move down depending on the name. However, if that holds, there should be a strong bounce after.
I've derisked and am sitting in cash.
39K
support and bouncing there, then bouncing back towards the top of the range at $44k. There is a possibility that it could form one more high at the top resistance $48k. However, if that happens, you'll want to sell that area as I think that should be the top.
If price can't break $44k, then it should be good for alts over the coming weeks, below the blue trend line is bearish.
Largely, I think that we'll bounce between
39K
-$44k over the coming weeks though, just have the trendline and top resistance as possibilities. PSA if we do get that move down to
39K
, alts will bleed a lot. Thinking we could see a 20-50% move down depending on the name. However, if that holds, there should be a strong bounce after. I've derisked and am sitting in cash.
Comment:
So far, looking like the pivot will send it down. Still looking for $39.5-39.7k
Comment:
Definitely a chance we hold the flag here and that this is the bottom of the move. I've started scaling into some alts, specifically
AMP
AMP
Comment:
If we do move up here, it could just be a short move and we could still hit that lower support before a larger move up begins.
Comment:
I'm thinking from here $43,350ish then $39.5k
Comment:
Well got the move up and move down that I was expecting, the move up overshot resistance and the move down didn't quite get to the support level. However chart supports and resistances are being respected.
As of now, still thinking we'll get that final push up to
48K
, before a top is fully put in.
As of now, still thinking we'll get that final push up to
48K
, before a top is fully put in.
Comment:
Move up has begun, if we break the final resistance, there is a last one at $52k. Not ruling out that possibility. But still think the same thing will happen after, we fall.
Comment:
Top resistance now tagged. I'd expect it to be tested multiple times before price either breaks up to
52K
or breaks down as the final resistance.
52K
or breaks down as the final resistance.
Comment:
I think this is likely the bottom of this move short term. Let's see if price can get sent back to the top
Comment:
Bottom.
Comment:
Welp, that was short lived. Looking like it wants the blue trend line as support instead. $38.4k or so. Still long. Think we'll bounce hard after it gets hit.
Not time for the bear yet.
Not time for the bear yet.
Comment:
Other possibility for support is $37,851. Going to bid there just to be on the safe side.
Comment:
Looks like we're going to get a decent bounce first. Still favor the idea of one more low, but should happen later this week.
