Hello traders,
Here's a re-analysis of BTC on a daily timeframe.
I know it looks horrible—a straight 25% dump in just eight days.
Will more dumps be coming in?
Let's analyze it.
BTC has hit the lower support trendline with a recent low at 52.3k. BTC has respected this trendline in the past, and it should respect it this time as well, in my opinion. A daily close above this support trendline is crucial for a rebound.
On the downside, the 50k range is another strong support for BTC. If we see any further dump, BTC must hold the 50k support.
In the past, counting from the all-time high, BTC has dropped 23%-25% and then showed a good rebound. This time, to have a similar move, BTC must close above the support trendline.
I will post another update in the weekly timeframe soon, so stay tuned and trade safely.
Do your own research before investing.
Regards,
Team Dexter.