BTC - Worst Case Scenario (Near Term)
Note: this isn't me saying this is going to happen, but its a possibility and worth consideration due to reasons I outline below:
If we are looking at a strictly textbook pattern then the symmetrical triangle represents an equilibrium in the market, implying that a counter trend has not yet presented and statistically we should look for a continuation to the downside.
Crypto sees continued sell pressure despite the US Dollar Index (DXY) retreating from recent highs and equities logging a respectable relief bounce in the past week. This reflects a decoupling of the stock market and crypto, but not the in the way most were hoping.
With Bitcoin still under bearish pressure, this post is a consideration of the worst case scenario in which we retest the
25K support from 12 May, and failing that retest, a drop the lower 
20S, where I am expect a strong response and bounce, though extreme fear events and capitulation may see wicks deeper.
Support levels to watch:
If we are looking at a strictly textbook pattern then the symmetrical triangle represents an equilibrium in the market, implying that a counter trend has not yet presented and statistically we should look for a continuation to the downside.
Crypto sees continued sell pressure despite the US Dollar Index (DXY) retreating from recent highs and equities logging a respectable relief bounce in the past week. This reflects a decoupling of the stock market and crypto, but not the in the way most were hoping.
With Bitcoin still under bearish pressure, this post is a consideration of the worst case scenario in which we retest the
25K support from 12 May, and failing that retest, a drop the lower 20S, where I am expect a strong response and bounce, though extreme fear events and capitulation may see wicks deeper. Support levels to watch:
- 28k[*}25.3k
- 22k
- 20k
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