With our recent rejection at the 1hr .236 Fib level we saw an immediate sell off with low volume. The Lack of Buying at support levels indicates a continued retracement to areas of previous support and will retest the new recent low of 62300. A four hour close below this level or below the previous swing low of 63800 will keep downward pressure and could bring us to my indicated next area of potential support at 62000. this drop would be a %-10.15 retracement, in line with previous -11% / 8 D from 6690, and well under previous ATH retracements of -25% / 15Dfrom 52900 and , -53% from 64800, and -63% from 2017 ATH of 19000. Noticeably as the market cap increases the market sentiment has done a better job of stabilizing prices. TA aside we have market catalysts priced into the most recent selling including the VanEck ETF rejection.
I remain bullish on bitcoin long-term hence inverse perpetual trading & margin.
I remain bullish on bitcoin long-term hence inverse perpetual trading & margin.