Why BTC is going down and what's next.
Updated
Points A and B are where the 200DMA are which were the last points of resistance for BTC. Going above at both times woulda been very significant bullish reversal signals for institutional investors since the downtrend began hence, failing to break through signalled sell-offs. Next medium term targets are around the 100WMA and 200DMA at C and D respectively.
Meanwhile, don't have a heart attack yet. Just have some ramen till the bulls are fully back.
Next thing is to look for signs of buying interest at any level.
Pls, drop your thoughts, comments and don't forget to like and share.
Meanwhile, don't have a heart attack yet. Just have some ramen till the bulls are fully back.
Next thing is to look for signs of buying interest at any level.
Pls, drop your thoughts, comments and don't forget to like and share.
Note
New support added at 4k which is where the 0.70 fib level is and due to the long period it took to get to target, supports now revised as: 5450, 5250 and 5k short term while intermediate targets are 4800, 4000 and 2800.Note
For now, I believe most likely, price won't go below 5k but a confirmation of the start o a new bull market would be breaking the 200DMA.
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