BITCION TRYING TO FIND SUPPORT.
Updated
BITCOINUSDT Has had one of it's biggest USD drops ever, with almost 10K wiped out overnight.
Now we are hitting a pretty strong area of support around the lower 50K's.
We can expect a few things to happen here:
Right now we are entering the support area, but we need to wait and look for signs of buyers entering with force and pushing prices above 50K even temporarily.
Once more, March 2018 and March 2020, were extremely tough for most crypto traders, with significant losses and extremely bearish sentiment in both, the first being the start of a multi year bear market and the second an apocaliptic drop fueled by covid fears.
Maybe a few investors and traders are anticipating a bearish march and are taking profits agressively before we hit March.
Now we are hitting a pretty strong area of support around the lower 50K's.
We can expect a few things to happen here:
- We react quite strongly and get back above 50K with quite some ease
- We consolidate for a while in this range, with higher volume
- We breakdown and continue the drop, as market panics
Right now we are entering the support area, but we need to wait and look for signs of buyers entering with force and pushing prices above 50K even temporarily.
Once more, March 2018 and March 2020, were extremely tough for most crypto traders, with significant losses and extremely bearish sentiment in both, the first being the start of a multi year bear market and the second an apocaliptic drop fueled by covid fears.
Maybe a few investors and traders are anticipating a bearish march and are taking profits agressively before we hit March.
Note
We had quite a strong reaction! Let's see if buyers can continue pushing the price up.Note
Looks like the sentiment is more bearish than I anticipated. 46K is holding quite well as support, we are below 50K.
Maybe we will break lower.
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