Max Pain Approaches, But How Low Can We Go?
Updated
As stated in my last Chart a few months back, we are finally approaching the 2-week 100 Simple moving average. This moving average has historically acted as a magnet & major support for the market for the last 5 years. It would make logical sense that we see the same thing happen again. I see many calling for a 
12K bottom, which is entirely possible, but we'll see if this 100SMA can continue to act as major support for the crypto markets again. Remember... Stay level-headed, be logical, and don't follow the crowd.
12K bottom, which is entirely possible, but we'll see if this 100SMA can continue to act as major support for the crypto markets again. Remember... Stay level-headed, be logical, and don't follow the crowd.Note
I'm very pleased the price respected the support levels I have laid out, but I fear they 'might" not continue to hold. We can absolutely rally from here and break the large overhead resistance at 22K from here, but I have strong suspicions this 18k support level will not hold. If we see a daily close below 18.4K we could see the start of a large sell-off down toward 
14K and even as low as 11K. We await the market to show its hand.Note
One last thing I forgot to mention, if we do get a large sell-off, I will be looking for large amounts of capitulation volume to mark the bottom as indicated by the arrows in previous bottoms.
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