Bitcoin - 50% crash to 28k! (CONTD)

(crypto destruction)

Technical analysis

The market moves in waves, nothing goes up in a straight line. In Bitcoin's case, the price has finished the major impulse wave (15,476 USD to 73,777 USD). After such a move, what you want to do is sell and look for a retracement. In general, buying is recommended between 0.618 and 0.5 FIB levels, in this case, it is between 28,103 and 33.790. But I strongly recommend not buying any Bitcoin as the crypto space is entering a huge, deep 10-20 year bear market cycle. The mining difficulty can be adjusted, so it's no issue for miners whatsoever.

On the chart, we can see an ascending parallel channel. What we want to see is a breakout of the channel, then a retest, and then a continuation of the bull market. What is happening with Bitcoin? The price went back into the parallel channel and is forming a bearish reversal pattern.

We have 2 huge unfilled Fair Value Gaps (FVG). You can see them in the chart, and these gaps tend to be filled sooner or later! The probability of filling them is extremely high.

Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

I completely understand negative comments in the comment section. I know altcoins are down -90% from the peak, and it's not easy to handle it. But you can still save 10% of your money! Ask yourself a question: Was it a good idea to enter this crypto space? Yes or no, I would say 99% of you will answer: No, bad idea!

Check previous post 📯 for better understanding

#BTCMarketPanic #BTCMarketPanic #MarketDownturn #BinanceHODLerBANANA #btcdump