Hello.
As we all saw, yesterday bitcoin just failed to break up from the bullish wedge and we saw that price dumped over 15% and touched 35.k area and just broke all the support areas at 37.5k and 36.5k. For now, bitcoin must hold 35k strong support area if we want to see a pullback to 40k and above that area again.Unless BTC holds 35k area, then we will go for 28k - 30k area very soon.
there are two possible scenarios.
1) BTC may bounce to 40k area in order to hunt those big short position stop losses and to liquidate a few hundred million dollars and then another dump to 32k could happen.
2) BTC may continue going to lower levels of 32.5k and 30.5k levels.
I personally think scenario 1 is more likely to happen. i think another pullback to 40k levels is very possible before another further downtrend.
As soon as we received a confirmation of another pullback, we can open some long on a few altcoins. but for now we havent received the confirmation yet. so it's better to wait a little bit more to find out which scenario is going to play out.
Best regards.
Please dont forget to like and also follow me. i will be posting about altcoins and mostly about bitcoin regularly from now on.
As we all saw, yesterday bitcoin just failed to break up from the bullish wedge and we saw that price dumped over 15% and touched 35.k area and just broke all the support areas at 37.5k and 36.5k. For now, bitcoin must hold 35k strong support area if we want to see a pullback to 40k and above that area again.Unless BTC holds 35k area, then we will go for 28k - 30k area very soon.
there are two possible scenarios.
1) BTC may bounce to 40k area in order to hunt those big short position stop losses and to liquidate a few hundred million dollars and then another dump to 32k could happen.
2) BTC may continue going to lower levels of 32.5k and 30.5k levels.
I personally think scenario 1 is more likely to happen. i think another pullback to 40k levels is very possible before another further downtrend.
As soon as we received a confirmation of another pullback, we can open some long on a few altcoins. but for now we havent received the confirmation yet. so it's better to wait a little bit more to find out which scenario is going to play out.
Best regards.
Please dont forget to like and also follow me. i will be posting about altcoins and mostly about bitcoin regularly from now on.