BTCUSD is in a rough spot
I think there could be some massive capitulation happening in the next few days, determined by how the next 2-3 days plays out on the daily chart.
BTCUSD is looking like it wants to test 32k again, where it will likely fail with a weak bounce, followed by a test of the next support levels.
It may catch some support at the 27.4k previous Volume Point of control, bounce to test the 32k support again, and make a huge(!!) decision from there.
Getting rejected at the 32k overhead support at that point would probably trigger the real capitulation phase possibly testing 17.8k if 27.4k doesn't hold.
I personally think that 17.8k might be the level that accumulation and recovery begins again, but time will tell. If people don't respect the 17.8k mark, 13.5k is next, and that would be the discount of all discounts
BTCUSD is looking like it wants to test 32k again, where it will likely fail with a weak bounce, followed by a test of the next support levels.
It may catch some support at the 27.4k previous Volume Point of control, bounce to test the 32k support again, and make a huge(!!) decision from there.
Getting rejected at the 32k overhead support at that point would probably trigger the real capitulation phase possibly testing 17.8k if 27.4k doesn't hold.
I personally think that 17.8k might be the level that accumulation and recovery begins again, but time will tell. If people don't respect the 17.8k mark, 13.5k is next, and that would be the discount of all discounts
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