A simple technical analysis with one trend line and two horizontal lines that form a range in the $10k-12k zone shows that a revisit of those levels is not that far away.
Bitcoin has spent a lot of time in those areas, but with no clear retest.
That area converges, approximately, with the support trendline formed by the 2018 bottom and 2020 crash.
Things are looking very ugly, so be very careful.
If the $20k level is lost, which is something very likely given the macroeconomic conditions, things could go very ugly very quickly.
A retest of the aforementioned levels, along with high volume (which we haven't seen yet despite the recent price action) and a capitulation from major participants like Saylor, Musk or similar, could signal a bottom.
I think more pain is needed and this space won't heal until all those people and entities go away.
Wait for the final silent after the storm, when nobody wants to speak anymore or promote anything related to crypto.
We won't probably see a new bull market until Bitcoin seems really, really dead.
And we're not there yet.
Bitcoin has spent a lot of time in those areas, but with no clear retest.
That area converges, approximately, with the support trendline formed by the 2018 bottom and 2020 crash.
Things are looking very ugly, so be very careful.
If the $20k level is lost, which is something very likely given the macroeconomic conditions, things could go very ugly very quickly.
A retest of the aforementioned levels, along with high volume (which we haven't seen yet despite the recent price action) and a capitulation from major participants like Saylor, Musk or similar, could signal a bottom.
I think more pain is needed and this space won't heal until all those people and entities go away.
Wait for the final silent after the storm, when nobody wants to speak anymore or promote anything related to crypto.
We won't probably see a new bull market until Bitcoin seems really, really dead.
And we're not there yet.
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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.
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.