Hello!
Bitcoin has more downside potential as you can see in this chart.
I have drawn important levels where it can head next if we dont see a substantial bounce with buying volume anytime soon.
Monthly indicators have crossover bearish (indicators are lagging do keep that in mind)
There is a lot of short interest in the market as well, so we have to focus on price action rather than indicators.
Every bounce will most likely be shorted if bulls don't manage to regain control.
Do keep in mind we are still at support at this price levels as long as we hold but breaking below 28k with no bounce will mean more potential downside to follow.
I do have this idea where i think we can head to 20k eventually and we would bounce back up just to fail as this level is the previous ATH, psychological and even number where a lot of ppl will be looking to buy based on that however do remember we have NOT spend anytime at that level. and when 20k was resistance it got broken EASILY meaning on the way down the same should apply.
With that said I imagine we can go on a long term consolidation once a bearish market is confirmed and we go lower basically consolidating at the lows before continuing higher again like what we saw through 2018-2019.
Bitcoin has more downside potential as you can see in this chart.
I have drawn important levels where it can head next if we dont see a substantial bounce with buying volume anytime soon.
Monthly indicators have crossover bearish (indicators are lagging do keep that in mind)
There is a lot of short interest in the market as well, so we have to focus on price action rather than indicators.
Every bounce will most likely be shorted if bulls don't manage to regain control.
Do keep in mind we are still at support at this price levels as long as we hold but breaking below 28k with no bounce will mean more potential downside to follow.
I do have this idea where i think we can head to 20k eventually and we would bounce back up just to fail as this level is the previous ATH, psychological and even number where a lot of ppl will be looking to buy based on that however do remember we have NOT spend anytime at that level. and when 20k was resistance it got broken EASILY meaning on the way down the same should apply.
With that said I imagine we can go on a long term consolidation once a bearish market is confirmed and we go lower basically consolidating at the lows before continuing higher again like what we saw through 2018-2019.
