First of all, Bitcoin broke down its trendline, so this makes me no bullish on it anymore... Honestly the very first day I thought it was a fake move. But it's not
Not bearish yet, but...
Under the first 2 red lines, there are millions of stop orders, it's not just stop orders, there are billions of dollars that are going to automatically sell bitcoin as soon as it goes $49.9k and lower, so it's simple to imagine what can happen when it's triggered.
It's very easy to fast hit $20k - $30k and return back to $40 - $50k.
There will be a fight around $50k before it goes down but I pretty sure it's going to break this support.
If you want some fun, just place your buy order around $20k if you have some extra $$$$... It probably won't happen, and bitcoin now turns back to $60k, but you will have fun if it happens.
Of course, it's not financial advice, but I'm out of bitcoin while this unstable market situation.
Good luck everyone and happy trading.
Not bearish yet, but...
Under the first 2 red lines, there are millions of stop orders, it's not just stop orders, there are billions of dollars that are going to automatically sell bitcoin as soon as it goes $49.9k and lower, so it's simple to imagine what can happen when it's triggered.
It's very easy to fast hit $20k - $30k and return back to $40 - $50k.
There will be a fight around $50k before it goes down but I pretty sure it's going to break this support.
If you want some fun, just place your buy order around $20k if you have some extra $$$$... It probably won't happen, and bitcoin now turns back to $60k, but you will have fun if it happens.
Of course, it's not financial advice, but I'm out of bitcoin while this unstable market situation.
Good luck everyone and happy trading.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.