BTC shows uncertainty more to the DOWNSIDE!
Updated
Proceeding the current situation in EUROPE, investors worldwide are filled with fear, which, in many cases, leads to uncertainty. Like many markets, the crypto market was hit with this wave of fear leading to high volatility and uncertainty. Nevertheless, the big picture shows that investors are selling risky assets and moving to safe assets AKA safe havens such as GOLD, Silver, USD, JPY, and CHF. Thus, we see that many investors are changing Crypto for safe assets such as GOLD and USD. In terms of the fundamental analysis, the edge is downwards.
In terms of technicals, we see a formation of the double top near the level of 44K and a neckline at approximately 37K. Double tops are signs of possible bearish trends. With any traditional DOUBLE TOP pattern, we expect the distance between the peak and the neckline to be the same as the distance between the neckline and the bottom (possible target). Thus we expect a further drop and the price to follow the following levels:
Double tops: 44K
Neckline: 37K
Target (bottom)=~37K-(44K-37K)=~30K
As a conclusion, we see from fundamental and as well as technical analysis that price is more biased to the downside with a possible target at approximately 30K USD.
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In terms of technicals, we see a formation of the double top near the level of 44K and a neckline at approximately 37K. Double tops are signs of possible bearish trends. With any traditional DOUBLE TOP pattern, we expect the distance between the peak and the neckline to be the same as the distance between the neckline and the bottom (possible target). Thus we expect a further drop and the price to follow the following levels:
Double tops: 44K
Neckline: 37K
Target (bottom)=~37K-(44K-37K)=~30K
As a conclusion, we see from fundamental and as well as technical analysis that price is more biased to the downside with a possible target at approximately 30K USD.
If you like our analysis and would like more tutorials and ideas please like and subscribe!
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