As we know, BTC produced a very strong impulsive move from 3k to 14k but it doesn’t mean it will not go below 6k again. In fact we don’t have much support below 6.3k and revisiting 6.9k can be the catalyst needed for another crash to 5k. Nothing is granted but we already saw a strong dump when BTC broke down the 3Day 200SMA and something similar can happen again.

3Day BTC

The only way to avoid that would be holding above 7.4/7.5k and finally pumping well above 8.1k. 9.5k/10.3k is the next resistance, if we retest that level and confirm support near 8k we may be over with this wave 2 but almost everything is suggesting the opposite. We should expect more lows, eventually another crash (capitulation) liquidating over-leveraged traders/investors. Don’t be one of them.

3Day BTC – Clean Version
Categories: Analysis