BTC Likely to Resume Upward Trend after a 3-Day Bloodbath

BTC has been on a downward spiral in the past few days, down from 52k to 45k in just three days, losing over US$ 300 million in market value amid extreme fear it could break down further.

The bears have been enjoying the ride to the south, at the expense of overleveraged and bullish position holders, but now it seems the bulls are regaining control after the top coin hit a crucial support zone.

We are currently at the re-accumulation phrase at around 45-46k support zone and the probability of resuming upward trend is now increasing by the hour.

If we clear this zone (cross over to 47.5k), our next stop may be at 48k, then 49k, then 51k, and before we know it we will be back to where it all began (at 52k), after which we can ponder on the next big move.

And if the opposite happens (anything is possible), then our next support zone could move to around 44k, 43k and/or 42k.

Get ready. Trade smart. Stop Loss is Your Best Friend.