New BTC analysis
Updated
In my previous anaylsis I vaguely mentioned the key levels for BTC but anyone could do that as they are pretty obvious so I'm trying to think of a more detailed scenario of what we could see coming days.
I believe BTC is going to test the lows around 50-51k one more time since it still lacks the strength and momentum from that small corrective move we have seen last hours.
I actually would prefer a lower low around 48k on lower volume which would likely give us a nice bullish divergence on the RSI. From there we should see an attempt to break 56.5-57k which would be the first major resistance BTC needs to break but the real key resistance level now sits around 62-64k, really not sure if we see this break at this point.
Stock markets are still looking weak, too... they had a somewhat decent bounce but nothing where I would think that the bottom is in. Not the best circumstances overall.
Now there are some rumours that the FED might cut rates earlier than planned to prevent the market from crashing (it already did but it could get reaaally ugly), if this really happens we should see a strong bullish reaction but I would definitely not bet on that, the chances are 50/50 at best.
Stay safe!
I believe BTC is going to test the lows around 50-51k one more time since it still lacks the strength and momentum from that small corrective move we have seen last hours.
I actually would prefer a lower low around 48k on lower volume which would likely give us a nice bullish divergence on the RSI. From there we should see an attempt to break 56.5-57k which would be the first major resistance BTC needs to break but the real key resistance level now sits around 62-64k, really not sure if we see this break at this point.
Stock markets are still looking weak, too... they had a somewhat decent bounce but nothing where I would think that the bottom is in. Not the best circumstances overall.
Now there are some rumours that the FED might cut rates earlier than planned to prevent the market from crashing (it already did but it could get reaaally ugly), if this really happens we should see a strong bullish reaction but I would definitely not bet on that, the chances are 50/50 at best.
Stay safe!
Note
Forgot to mention this: A higher low scenario around 52k is also possible but either way I don't believe the bottom is in. So if it gets to 48k I would bet big, if it's going to be 52k I would bet much less but this is just a rule I have: Bet the most on lower lows, bet high at equal lows and bet less on higher lows.Note
Looks like we got the higher low scenario. Now with the weekend ahead I dont expect much volatility, but if BTC stays above 58k over the next few days, we should see an attempt to break 64k by next week. Really don't know if it's going to break, low could be in, although another drop to 51-52k would be allowed, but it really should not go any lower, otherwise we could see a lower low around 46-48k. Don't know what happens to alts then, as a few of them are looking much more promising. 
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