Bad Day for Cryptos-May 23rd!How does this fit in the long term?
Updated
I'd say, bitcoin/other alts, are technically on extreme sale right now, which is about to end the beginning of June!
(That is if bitcoin sustains a level above 7000)
MACD on 4 hr has been winding on and on since the first time Bitcoin hit 6000. At any time it could become pressurized enough to make a move either way.
Why does it have to hold above 7000?
-Psychological support, possibly a 3rd failed rally to break 12000, might mean retesting and breaking 6000, also 7200/7400 is a fib. support zone of the previous 2 major uptrends. Breaking bellow 7000, would be the bearish scenario.
What I do see next is a potential formation to wave 1(Bounce). This won't happen immediately, it would most likely happen after a couple of days of stability in which buyers will potentially wake up and see the opportunity. My assumption is that Wave 1 could go all the way up to 9000 before wave 2. This would be the bullish scenario.
As always, like, share or comment any kind of suggestion or addition to the chart!
(That is if bitcoin sustains a level above 7000)
MACD on 4 hr has been winding on and on since the first time Bitcoin hit 6000. At any time it could become pressurized enough to make a move either way.
Why does it have to hold above 7000?
-Psychological support, possibly a 3rd failed rally to break 12000, might mean retesting and breaking 6000, also 7200/7400 is a fib. support zone of the previous 2 major uptrends. Breaking bellow 7000, would be the bearish scenario.
What I do see next is a potential formation to wave 1(Bounce). This won't happen immediately, it would most likely happen after a couple of days of stability in which buyers will potentially wake up and see the opportunity. My assumption is that Wave 1 could go all the way up to 9000 before wave 2. This would be the bullish scenario.
As always, like, share or comment any kind of suggestion or addition to the chart!
Note
Over the weekend, I think we'll see price surge to 7770-8200(as time goes on we will see which price exactly). This would most likely happen on SUNDAY!0.88 Support is still in play which is around 6860(which would be E).
Breakout of D(and the correction) would be around 8230 (as a confirmation).
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