🔥 FTX Files For Bankruptcy: Next Leg Down Started
Updated
Yesterday I made an analysis on BTC and the fact that I expected a retest of the summer '22 lows, followed by a bearish move.
Funnily enough, we closed the daily candle EXACTLY at the ~$17650 resistance, making it a perfect retest.
With my previous target of $16400 being hit, we can now move further down towards the lows of $15750. With FTX's bankruptcy, I think there will be a lot more selling pressure coming in the next few days. There's likely going to be ripple effect to other exchanges and large entities.
My target for the next leg down is $14000, which marks the 2019 mid bear market top.
Funnily enough, we closed the daily candle EXACTLY at the ~$17650 resistance, making it a perfect retest.
With my previous target of $16400 being hit, we can now move further down towards the lows of $15750. With FTX's bankruptcy, I think there will be a lot more selling pressure coming in the next few days. There's likely going to be ripple effect to other exchanges and large entities.
My target for the next leg down is $14000, which marks the 2019 mid bear market top.
Note
And just like that BTC is back above 17.2k, helped by a massive bounce in stocks. Let's see how the rest of the day plays out. Bulls came out in force.
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