Bitcoin- The Good, The Bad and The Ugly
Updated
As I mentioned in my previous posts, I am bullish on Bitcoin and expected a break above $71,000 with a rise to at least $85,000.
However, I always consider multiple scenarios.
In this post, I want to discuss all the potential outcomes I foresee.
The Good Scenario:
As shown in the chart, although the price dropped again from the all-time high resistance, the bulls have strongly defended the $67,000 support level that I've been emphasizing. If the price recovers and reaches the resistance level again, it is likely to break above, targeting at least $85,000.
The Bad Scenario:
In this scenario, the bulls fail to defend the $67,000 support zone. If this happens, the price will likely drop to the $60,000 zone.
The Ugly Scenario:
In this scenario, all the price action since mid-March could be viewed as a long distribution phase. If Bitcoin also loses the $60,000 support, we could see a significant decline, potentially down to around $45,000.
However, I always consider multiple scenarios.
In this post, I want to discuss all the potential outcomes I foresee.
The Good Scenario:
As shown in the chart, although the price dropped again from the all-time high resistance, the bulls have strongly defended the $67,000 support level that I've been emphasizing. If the price recovers and reaches the resistance level again, it is likely to break above, targeting at least $85,000.
The Bad Scenario:
In this scenario, the bulls fail to defend the $67,000 support zone. If this happens, the price will likely drop to the $60,000 zone.
The Ugly Scenario:
In this scenario, all the price action since mid-March could be viewed as a long distribution phase. If Bitcoin also loses the $60,000 support, we could see a significant decline, potentially down to around $45,000.
Note
I hoped for the good scenario but expected the bad.Now I'm afraid of the ugly scenario
Note
We are in the ugly scenario and it seems like we are going under 50k
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