It has been an though week for the markets in general with crypto being hit the hardest. So what does that mean for the near future for crypto? Well here is our current thoughts on Bitcoin.
We have been anticipating the completion of the "C" wave for some time and it has finally reached an area that we consider to be a key level of support. This area consists of the following confluence, (Previous ATH, Long term trend line touched and finally the weekly 200 SMA)
It is difficult to catch a falling knife as many would have heard before, but if crypto wants to find a bottom it could be in this range of 19k to our lower zone of 13k. For now we are keeping our eyes on these two zones.
This is the time to manage your risk well and be disciplined when entering the markets, for the time being the most probable trades to look for would be to short rallies.
Happy Trading,
Wolf Pack Team.
We have been anticipating the completion of the "C" wave for some time and it has finally reached an area that we consider to be a key level of support. This area consists of the following confluence, (Previous ATH, Long term trend line touched and finally the weekly 200 SMA)
It is difficult to catch a falling knife as many would have heard before, but if crypto wants to find a bottom it could be in this range of 19k to our lower zone of 13k. For now we are keeping our eyes on these two zones.
This is the time to manage your risk well and be disciplined when entering the markets, for the time being the most probable trades to look for would be to short rallies.
Happy Trading,
Wolf Pack Team.