Be cautious! Bitcoin can dump even more!
This is a very lenient chart analysis of BTC (I would say) where I have made ascending triangle by joining wick to wick.
Although, BTCUSDT broke out in the downward direction yesterday and successfully bounced out from 61.8% Fibonacci golden ratio to retest the previous support as resistance. Currently, BTC is in the retest phase and is facing a resistance of $38000.
According to my technical analysis, if BTCUSDT comes down and breakdown the previous low of about $31000, it can go up to a 1.618 golden ratio that values around $22900. And yes, from the previous BTC price action, we know it has strong support at around $23000.
Just to remind you, I made multiple predictions for BTC when everyone around was shouting of BTC at 100k!
Here is my analysis on BTC when it was at $50000 giving a short signal, if some of you followed it, you're probably in 40% profit!
Comment in your thoughts & queries.
Muneeb
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