BTC
BTC has come back to the major support zone of 30000-29000. It is down by almost 56% from its all time high.
Lets have a look at the previous bearish cycles.
Dec 2017- Dec 2018 bearish cycle: Btc went up to it's ATH at 19666 and retraced around 85%.
June 2019 - March 2020: Btc went up to 13880 and retraced around 72.5%.
November 2021 - Current: Btc went up to 69000 and has retraced almost 56% now. In the past 2 bearish cycles, it retraced more than 70%. So we can say that there is a high chance that it might come back to 19500 before another bull run.
Technically, closing a weekly candle below 28500 will lead to 19500.
Lets have a look at the previous bearish cycles.
Dec 2017- Dec 2018 bearish cycle: Btc went up to it's ATH at 19666 and retraced around 85%.
June 2019 - March 2020: Btc went up to 13880 and retraced around 72.5%.
November 2021 - Current: Btc went up to 69000 and has retraced almost 56% now. In the past 2 bearish cycles, it retraced more than 70%. So we can say that there is a high chance that it might come back to 19500 before another bull run.
Technically, closing a weekly candle below 28500 will lead to 19500.
Disclaimer
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.