Compare crash on 3.12 with situation these days for BTC
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Since the sharp break these days, most people are worried about that the crash on March will come back one more time. we can not predict the future market, but at least we can analysis the possibility it will happen
Similar situation: 1. both meet a Head & Shoulders Top 2. both have a really sharp break after it fails to breakout the previous highest prices 3. no a technical rally ever since the break, the market is rush to sell 4. high leverage
Pessimistic Side: 1. the side effect of DEFI project
Optimistic Side: 1. The uptrend before sharp drop compared to the previous is much more stronger 2. The crash on 3.12 is mainly because of unknown fear for COVID-19 and Liquidity Run caused by that. Nowadays, Governments have tried to solve the Liquidity run by QE, even unlimited QE. now there is a little chance that people are eager to sell bitcoin to cash 3. a technical rally yesterday
pressure above: 10462 10769 11017 if the price can go up to 10500, there should be a tiny rally here, otherwise the short will go on
support below: 88xx - 95xx 66xx - 77xx
From the week K bar, there MACD start to going down from the higest, which means the long trend has been bearish From my perspective, the price will still go down to first demand range 88xx - 95xx filling CME gap 96xx, it will also reach the upper line of triangle trend(red line) for week k bar. If it cannot stop breaking it will try to reach the second demand range 66xx - 77xx, it will also reach the down line of triangle trend(red line) for week k bar.
Even though the sharp crash on 3.12 has a little chance to happen we are still need to be careful for the black swan
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.