BTC Corona edition - A look at upcoming levels of Support
No fancy gann fans, fibs, or fractals needed. You can learn a lot by backing out to the wider time frames and just look at previous price action. The story has been told.
6.7 is the last stand before a potential big move down. Previous price action below 6.7 is minimal. There are two key areas below 6.7 that look like potential liquidation zones. Very little buying/selling previously, so I would expect the price to fall through these zones fairly quickly.
The last area of real support below 6.7 is between 5.5 and 4.9. If bulls can't hold that, we'll slip into the 4s.
Also, don't be fooled by the widely spewed myth that if the stock market collapses, people will move their money into crypto. This has never been proven, since the stock market has never collapsed since the invention of Bitcoin. Only time will tell whether this comes to fruition.
Also, keep an eye on all financial markets. Corona virus is not likely to go away soon. This could be a year long hit to the financial markets and and it will undoubtedly have some affect on crypto as well. Whether the effect is good or bad hasn't played out yet.
Also, remember BTC halving is coming up fast. Last major halving was LTC and the price crashed more than 60% after halving. Will BTC do the same? I have no idea.
For now, I'm cautiously short on the market. Taking minimal risk trades with small scalps here and there, until market decides what direction it really wants to go.
6.7 is the last stand before a potential big move down. Previous price action below 6.7 is minimal. There are two key areas below 6.7 that look like potential liquidation zones. Very little buying/selling previously, so I would expect the price to fall through these zones fairly quickly.
The last area of real support below 6.7 is between 5.5 and 4.9. If bulls can't hold that, we'll slip into the 4s.
Also, don't be fooled by the widely spewed myth that if the stock market collapses, people will move their money into crypto. This has never been proven, since the stock market has never collapsed since the invention of Bitcoin. Only time will tell whether this comes to fruition.
Also, keep an eye on all financial markets. Corona virus is not likely to go away soon. This could be a year long hit to the financial markets and and it will undoubtedly have some affect on crypto as well. Whether the effect is good or bad hasn't played out yet.
Also, remember BTC halving is coming up fast. Last major halving was LTC and the price crashed more than 60% after halving. Will BTC do the same? I have no idea.
For now, I'm cautiously short on the market. Taking minimal risk trades with small scalps here and there, until market decides what direction it really wants to go.
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