#BTC/USDT More pain? Or is it over?
Updated
What happened in the last 1 week was unexpected and painful for many.
Now what's really important is whether BTC is already bottomed or not.
BTC made a low of $26,700 way lower than the previous support of 29k.
Now people are very panicked just like the covid time.
Also to notice, BTC is currently trading around the 0.618 Fib level extension which also happens to be the golden ratio.
The selling volume is high just like Covid, March 2020 and May 2021 which was followed by a V- shape Recovery.
So these are my thoughts:-
Breaking below 26.7k could take us all the way to 20k which is the previous support.
In case that happens, it will be rapid. There's no hard support between 20k and 28k.
With all the FUDs across the market, it's tough to make any concrete calls right now but one thing is for sure,
If you were looking to accumulate BTC, this could be the right time to start accumulating.
Am not sure about Altcoins since BTC Dominance is going up against better to be positioned in BTC and stables.
If BTC holds the green zone expect some good recovery in the next few days.
This is just my thoughts, not any advice.
You are responsible for your own trading and investing.
Let me know your thoughts
Thank you
#PEACE
Now what's really important is whether BTC is already bottomed or not.
BTC made a low of $26,700 way lower than the previous support of 29k.
Now people are very panicked just like the covid time.
Also to notice, BTC is currently trading around the 0.618 Fib level extension which also happens to be the golden ratio.
The selling volume is high just like Covid, March 2020 and May 2021 which was followed by a V- shape Recovery.
So these are my thoughts:-
Breaking below 26.7k could take us all the way to 20k which is the previous support.
In case that happens, it will be rapid. There's no hard support between 20k and 28k.
With all the FUDs across the market, it's tough to make any concrete calls right now but one thing is for sure,
If you were looking to accumulate BTC, this could be the right time to start accumulating.
Am not sure about Altcoins since BTC Dominance is going up against better to be positioned in BTC and stables.
If BTC holds the green zone expect some good recovery in the next few days.
This is just my thoughts, not any advice.
You are responsible for your own trading and investing.
Let me know your thoughts
Thank you
#PEACE
Trade active
Also, unlike previous charts, I have taken the wicks rather than the candle closes.Note
#BTC UPDATE:- A perfect retest to the green zone can lead to a rally towards 32k. Seems likely as per the chart.
Bullish divergence in RSI with Double bottom. In case there's an increase in the long-short ratio, to liquidate both sides we can sea triple bottom formation. (This is just a theory, for now, just to keep. you are ready for whatever is coming.)
For now, BTC is bullish.
*Not Financial advice
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