So the bearish outlook on the daily is this.
Yesterday BTC just held onto the 50 day MA but got stopped right before my long entry at 14900. Today it will close below, it’s just a matter of how far below. Currently 13k is once again acting as weak support. Just think logically, how many people will actually buy at 13k. 14, 12 and 10 are much more likely.
I don’t think we’ll see a flash crash and a quick buy back. This could go on for weeks.
- I currently see levels of support at each horizontal line on the chart as well as on the 100 day MA and the 200 day MA. I think best hope currently is that the 100 day meets 11800-12000 support holds long enough for the 100 day to come up to meet us and bring us back up.
- Failing that I see 10k as possibly being strong enough to get a reversal.
- Finally if both those fail then the 200 day should be around 8000 which should be more than enough to bring us back up.
If all those key levels of support fail then we will go back to 5k and the market resets.
Yesterday BTC just held onto the 50 day MA but got stopped right before my long entry at 14900. Today it will close below, it’s just a matter of how far below. Currently 13k is once again acting as weak support. Just think logically, how many people will actually buy at 13k. 14, 12 and 10 are much more likely.
I don’t think we’ll see a flash crash and a quick buy back. This could go on for weeks.
- I currently see levels of support at each horizontal line on the chart as well as on the 100 day MA and the 200 day MA. I think best hope currently is that the 100 day meets 11800-12000 support holds long enough for the 100 day to come up to meet us and bring us back up.
- Failing that I see 10k as possibly being strong enough to get a reversal.
- Finally if both those fail then the 200 day should be around 8000 which should be more than enough to bring us back up.
If all those key levels of support fail then we will go back to 5k and the market resets.