Falling Knife
Unfortunately breakout scenario failed and our most important level 58k was lost. If we can't reclaim it by the monthly close, i expect further down side and mark down of the distribution range to complete.
First strong support is below fib. 0.5(48.900) 47.500 / 47.600
Second and stronger support is at 43.160 weekly level between fib. 0.618 & 0.66 also near monthly support at 48.384
In case a Black Swan type action occurs, 36.964 is where the previous distribution POC is.
When this down trend comes to an end, we will probably be looking at a head and shoulders pattern with the right shoulder in the making.
To the upside, as i said 58k should be reclaimed and green stop buy line must be crossed.
Not much to say for now, there's no need to try catching the falling knife, so let's put the stop buy alerts and see how it unfolds.
If you enter any long positions, use a tight stop loss.
First strong support is below fib. 0.5(48.900) 47.500 / 47.600
Second and stronger support is at 43.160 weekly level between fib. 0.618 & 0.66 also near monthly support at 48.384
In case a Black Swan type action occurs, 36.964 is where the previous distribution POC is.
When this down trend comes to an end, we will probably be looking at a head and shoulders pattern with the right shoulder in the making.
To the upside, as i said 58k should be reclaimed and green stop buy line must be crossed.
Not much to say for now, there's no need to try catching the falling knife, so let's put the stop buy alerts and see how it unfolds.
If you enter any long positions, use a tight stop loss.
Protect your Bitcoin investment with our realtime alerts and fully automate your trading. No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
Related publications
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.