BitcoinShort
BTC support obliterated... 2-4K will come very quickly now.
Updated
The long time support level of 6K has just been definitively breached. 2-4K is going to be here very soon.
When long time support is broken like this, the previous swing highs are usually not exceeded for a long, long time.
BTC is not likely to exceed 6.5K for at least a year.
The results will likely extend to the crypto market as a whole as there is still a high degree of correlation between BTC and all the others.
When long time support is broken like this, the previous swing highs are usually not exceeded for a long, long time.
BTC is not likely to exceed 6.5K for at least a year.
The results will likely extend to the crypto market as a whole as there is still a high degree of correlation between BTC and all the others.
Note
Something I missed in my initial comment is that the weekly SMA100 was also sitting at around 6K and has been broken as well. As BTC extends is down move, look for retracements to the .382 fib level measured from the new low to the previous high of 6500. Use these rallies to the fib resistance to sell any BTC you still have. You can buy in at lower levels.
The rising weekly SMA200 is likely to be the next support at around 3150... though by the time price gets there it could be higher... maybe 3500 or so. This would be a good place to start looking at BTC again.
Until then, stay in cash.
That 6500 level is likely to be a significant high for 6 to 12 months... if not longer.
Note
This has happened even faster than I thought it would. Forget the earlier comment about the weekly SMA200 being likely support. It may bounce off of it, but I believe now price will go lower.
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