I believe BTC hasn't found a bottom yet and will continue to drop to 53k coming days/weeks. I don't know if it's going to be an aggressive flush or something like we have seen last days, so controlled selling, with weak bounces every now and then, which I would prefer.
Of course I am aware of the fact, that the german government is selling shitloads of BTC, therefore we must assume, that BTC keeps dropping until they are finished. Most likely they won't empty their clip in one go, as they transferred huge amounts to a known market maker just recently. They know how to handle those amounts without affecting the market too much, this is why I believe we will continue to see this controlled selling, instead of a flush but it could still happen because of overleveraged knife-catching market participants.
However, 53k should be the lowest it could drop to. There is a chance of a higher low around 60k, too - But I really don't know if its going to happen. If we see 64-65k getting reclaimed it might already be over, just too early to predict at this point.
Stay safe!
Of course I am aware of the fact, that the german government is selling shitloads of BTC, therefore we must assume, that BTC keeps dropping until they are finished. Most likely they won't empty their clip in one go, as they transferred huge amounts to a known market maker just recently. They know how to handle those amounts without affecting the market too much, this is why I believe we will continue to see this controlled selling, instead of a flush but it could still happen because of overleveraged knife-catching market participants.
However, 53k should be the lowest it could drop to. There is a chance of a higher low around 60k, too - But I really don't know if its going to happen. If we see 64-65k getting reclaimed it might already be over, just too early to predict at this point.
Stay safe!
Note
We could see a rather short-lived bounce from 56k into 66k. I really don't know at this point. Think the 60k higher low scenario is the least likely.Note
Not quite the strength you wanna see. Still struggling with 62k. Still not sure where it's heading. As I said, 53k should really be the MAX it could drop to. I will start bidding at 56k though. However, if we see a strong break above 65k this correction might already be over.Note
Hm, looks like the 60k higher low scenario becomes more likely. Out of the sudden pretty decent strength on a sunday, usually don't trust this but looks like they are trying so save the weekly close here.Note
Looked good. Shit the bed. Now we must assume it will drop to 53-56k coming days. Think ETH is ging to hit 3k when this happens.
Note
So, seems as right about this but tbh not happy with it, lol. ETH dropped lower than expected, BTC didn't quite reached 53k, so not sure about this. Will wait for weekly close and take actions after we got a clearer picture. Anything above 60k or 3.4k ETH would be a very decent first start, but not there yet.
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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.