Is BTC Close to a Summer Crash ?!
I hope I'm wrong, but we could be at the start of a fake Breakout next week and then descend into the abyss towards 20K !!
This is a purely technical analysis, valuing only the data provided by the graph, they are always substantially BULL but I cannot exempt myself from the clearly BEAR data.
As you all know, breaking a MONTHLY TREND is the worst thing that can happen and this has happened, more with high volumes which is even worse.
We have had 7 weekly red candles and it is a new record for BTC and I believe that, as it should be, there is a good chance of retesting some resistances in a range that can vary between 33k and 36k.
To help me I used the mythical Fibonacci to give a retracement rate and as you can see from the ATH we went up to the threshold of 0.382 the last time on 48K, if Fib is right we could touch 36k with a shadow thus touching the 0.382 of FIB but then I think that given the very negative global trend we will be further affected by this situation seeing a new DUMP that could bring BTC to an unimaginable level close to 20k above the highlighted cluster, unfortunately below 30k we have no support derived from an exchange of demand / offer and this can cause BTC to slide very low.
We hold BTC and don't risk it, it's a fundamentally bad and unpredictable time, there will be better times.
I sincerely hope I'm wrong and that BTC may surprise us.
This is a purely technical analysis, valuing only the data provided by the graph, they are always substantially BULL but I cannot exempt myself from the clearly BEAR data.
As you all know, breaking a MONTHLY TREND is the worst thing that can happen and this has happened, more with high volumes which is even worse.
We have had 7 weekly red candles and it is a new record for BTC and I believe that, as it should be, there is a good chance of retesting some resistances in a range that can vary between 33k and 36k.
To help me I used the mythical Fibonacci to give a retracement rate and as you can see from the ATH we went up to the threshold of 0.382 the last time on 48K, if Fib is right we could touch 36k with a shadow thus touching the 0.382 of FIB but then I think that given the very negative global trend we will be further affected by this situation seeing a new DUMP that could bring BTC to an unimaginable level close to 20k above the highlighted cluster, unfortunately below 30k we have no support derived from an exchange of demand / offer and this can cause BTC to slide very low.
We hold BTC and don't risk it, it's a fundamentally bad and unpredictable time, there will be better times.
I sincerely hope I'm wrong and that BTC may surprise us.
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