ðĨ Bitcoin Dead Cat Bounce & Final Capitulation
Recently I made an analysis on Bitcoin and my expected final capitulation area. Said capitulation area would, in my view, be likely be the bear-market low.
For now, we found strong support around the
29K support, the same area which held during the summer-21 bear market. Since the stock markets have been selling off for 6 straight weeks, it's statistically likely that stocks will end up in the green next week, which will likely lead to a green week for BTC as well.
In my view, this is just a dead-cat bounce which will eventually lead to further capitulation towards the 200-week SMA.
Enjoy the bounce, but be careful since there's likely more downside coming.
For now, we found strong support around the
29K support, the same area which held during the summer-21 bear market. Since the stock markets have been selling off for 6 straight weeks, it's statistically likely that stocks will end up in the green next week, which will likely lead to a green week for BTC as well.In my view, this is just a dead-cat bounce which will eventually lead to further capitulation towards the 200-week SMA.
Enjoy the bounce, but be careful since there's likely more downside coming.
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