Over the last two days, Bitcoin has been dumping on Bearish SEC news from the USA. In the short-term, the bears are 100% in control and are actively pushing the price down.
However, the bulls might have a last trick up their sleeve.
We're rapidly approaching a massive zone of support that has been established around a year ago. If there's any big buyers left, they are waiting within this zone. A bullish reversal from this zone could signal an end to the ~2 month bearish trend. This would be in line with my long-term bullish Elliot Waves analysis on Bitcoin below.
However, if this zone fails to hold the price, I'd expect that there's more selling to come.
Seeing that this is a news-related selling event, it's hard to determine whether we're going to reverse or not. Technical analysis has a lot less impact once trading is based on pure emotion.
Nevertheless, keep a close eye on this zone since it will likely cause some heavy volatility, either to the upside or downside.
However, the bulls might have a last trick up their sleeve.
We're rapidly approaching a massive zone of support that has been established around a year ago. If there's any big buyers left, they are waiting within this zone. A bullish reversal from this zone could signal an end to the ~2 month bearish trend. This would be in line with my long-term bullish Elliot Waves analysis on Bitcoin below.
However, if this zone fails to hold the price, I'd expect that there's more selling to come.
Seeing that this is a news-related selling event, it's hard to determine whether we're going to reverse or not. Technical analysis has a lot less impact once trading is based on pure emotion.
Nevertheless, keep a close eye on this zone since it will likely cause some heavy volatility, either to the upside or downside.
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