Bitcoin may still have some bearish momentum left. We are currently found support at the $33,500 (approx.) level, but the price continues to push down after the short period of bullish relief. If we retest and break this level, the next relevant price target would be the 30k level, and then the $27,700 level. After we finally find support, it might only be one or two days until bitcoin reaches back up to 42k, as these quick recoveries are often seen after rapid dumps. This is a time of great instability in the price and I am personally being cautious with trading until we move into calmer waters. As it is not clear whether we will find support lower down or at the current level, traders with both long and short positions risk quick liquidation/stopped out.
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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.