A couple of days ago I made an analysis on BTC where I argued that we'd likely see some kind of bounce because BTC was holding up well while the stock market dumped.
My target back then was $20,000, which was the starting region of a strong area of resistance, see blue.
In the last part of today we saw a massive dump in the stock markets, so it was expected that BTC would also show some bearishness. However, I didn't anticipate a 7% fall in a matter of 3 hours.
In my view, BTC will retest the lower bound of the purple pattern, $18,400. If this area fails to hold we might see a new capitulation occur. Be prepared for all scenario's.
My target back then was $20,000, which was the starting region of a strong area of resistance, see blue.
In the last part of today we saw a massive dump in the stock markets, so it was expected that BTC would also show some bearishness. However, I didn't anticipate a 7% fall in a matter of 3 hours.
In my view, BTC will retest the lower bound of the purple pattern, $18,400. If this area fails to hold we might see a new capitulation occur. Be prepared for all scenario's.
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