$BTC can still dump to $50,000 area + more dump. Here is reason why?
Don't forget to read note given at end of post.
First we will talk about technical and then other factors. As you can see in below given chart currently #BTC☀ is forming rising wedge that is indicating bearish momentum . First it break down short position opened and maximum shorters put s.l above recent higher high $57,760. Then BTC started upward movement to grab their s.l. Also $350M liquidation present between $57,750 - $58,300 . So, maximum chance market grab these liquidation in a wick and then start moving downside . Also we have resistance at $58,300 area due to of trap candle buyer. Maximum chance these traped buyers start selling at breakeven and push market downside.
Now we will discuss to which point it can fall? For that we will mark $50,500 ±$500. There we will find some support . If you want to enter in market we will recommend you to buy in this region with 50% and buy with remaining 30% if market give a downward movement till 48,500. And keep remaining 20% for unfortunate condition . Market is going to be volatile for next 3-5 days that we will discuss below. Here are some more reason why we are bearish :-
1. Iran and kachraeal made market more volatile . Any unexpected war will push it more lower.
2. Many people opens long , data show. To liquidate them market can go further down.
3. Some fuds Chinese ETH investor transferring ETH to exchanges .
Note : We are bearish. This analysis is valid only for next 24-36 hours. If it not play out in next 36 hour we will need to analyze market again. So, remain connected for further updates .
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