BTCUSD - The Last Golden Boy
Updated
Hello, my fellow traders!
The massive profit-taking that drove price from 7150 to 6360 certainly took us by surprise just as news about SEC delaying their ETF decision broke. Bitcoin's market value was robbed of $9 billion in less than 24 hours. Well played is the word I would use to describe those who orchestrated it. Like I said in my last post, the bears spared no effort in their attempt to bring down Bitcoin. The question is... are they done with it?
Rather than analyzing about what is unknown to us, the best thing we can do as analysts right now is to analyze the aftermath that is in front of us. So let's get down to business, shall we?
What is likely to happen in the next 24 hours?
Zooming in on the 30-minute chart, we could see that a bearish pennant is currently being formed. Upon successful breakout, it could potentially take price down a notch to 5850. This is all assuming that price manages to breach through both support levels at 6340 and 6000 respectively. On the other hand, if our last golden boy (78.6% Fib level) manages to contain the breakout and help price form a bottom around 6340, then we might see a bounce that could potentially take price up to the areas as indicated on the main 4-hour chart.
Please LIKE this post if you enjoyed reading it. Your support matters as it encourages me to post more new content here.
That is all for now. Good luck and trade safe!
Gifts & Support:
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
The massive profit-taking that drove price from 7150 to 6360 certainly took us by surprise just as news about SEC delaying their ETF decision broke. Bitcoin's market value was robbed of $9 billion in less than 24 hours. Well played is the word I would use to describe those who orchestrated it. Like I said in my last post, the bears spared no effort in their attempt to bring down Bitcoin. The question is... are they done with it?
Rather than analyzing about what is unknown to us, the best thing we can do as analysts right now is to analyze the aftermath that is in front of us. So let's get down to business, shall we?
What is likely to happen in the next 24 hours?
Zooming in on the 30-minute chart, we could see that a bearish pennant is currently being formed. Upon successful breakout, it could potentially take price down a notch to 5850. This is all assuming that price manages to breach through both support levels at 6340 and 6000 respectively. On the other hand, if our last golden boy (78.6% Fib level) manages to contain the breakout and help price form a bottom around 6340, then we might see a bounce that could potentially take price up to the areas as indicated on the main 4-hour chart.
Please LIKE this post if you enjoyed reading it. Your support matters as it encourages me to post more new content here.
That is all for now. Good luck and trade safe!
Gifts & Support:
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
Note
As expected, price broke down from the bearish pennant and took out our last golden boy (fib level). The anticipated 5850 decline was however interrupted when price found buyers around 6200. As of now, price appears to be stabilizing above 6300 which is a positive sign for the bulls. If this level continue to hold, then we may potentially see a bounce that could lead us to the targets in our main 4 hour chart and re-validate it.Note
Before Bitcoin extended another leg down to 6125 last night, I posted an analysis update here to give everyone a heads up with ample time to take necessary precautions. If you missed the update.. to read on, click on the chart below.
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