Good morning crypto fam! So here we are, looks like we've been following a weak version of scenario 3. We posted more downside after I posted my TA. Here is what I think could happen next:
A repeat of the July bottom appears still at play. This past July we retested the support level from the H1 2021 breakout in January before rallying; here we've retested the support level from the September retest on the way up to October>November peak.
If this plays out again, $37k( ish ) is a likely floor. and could support a reversal. Our first stop on the way up is max pain for options expiry, around $39k.That expiry should happen later today.
And from the options expiry there remains a confluence of resistance for bulls to tackle. We could see relief in the market and some price appreciation, but not necessarily immediately. Alternatively if bulls fail to muster a rally here, we might see additional downside, with as low as mid $34k being a target. Any closes below $34k should be very worrisome to bulls.
A repeat of the July bottom appears still at play. This past July we retested the support level from the H1 2021 breakout in January before rallying; here we've retested the support level from the September retest on the way up to October>November peak.
If this plays out again, $37k( ish ) is a likely floor. and could support a reversal. Our first stop on the way up is max pain for options expiry, around $39k.That expiry should happen later today.
And from the options expiry there remains a confluence of resistance for bulls to tackle. We could see relief in the market and some price appreciation, but not necessarily immediately. Alternatively if bulls fail to muster a rally here, we might see additional downside, with as low as mid $34k being a target. Any closes below $34k should be very worrisome to bulls.
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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.