BTC - More pain to come
Now that BTC has failed to hold the important 40k level, the next strong support comes at 29k-30k.
1. If BTC rushes above 40k anytime soon and holds there for a days, then we can see an upwards move to 48k.
2. If BTC rushes above 40k but fails to hold, we can see a repeat of today's move
Right now, things are not looking too well for BTC, and i due to the growing macro-economic concerns as well as issues with Russia and Evergrande, the crypto market might not be mooning anytime soon. Over the next few expects, I expect BTC to fall back to 30k levels and consolidate. Once the panic is over we can see upside from there.
This is not the ideal market setting for longs, bears will dominate. That being said risky traders can start to DCA in spot.
1. If BTC rushes above 40k anytime soon and holds there for a days, then we can see an upwards move to 48k.
2. If BTC rushes above 40k but fails to hold, we can see a repeat of today's move
Right now, things are not looking too well for BTC, and i due to the growing macro-economic concerns as well as issues with Russia and Evergrande, the crypto market might not be mooning anytime soon. Over the next few expects, I expect BTC to fall back to 30k levels and consolidate. Once the panic is over we can see upside from there.
This is not the ideal market setting for longs, bears will dominate. That being said risky traders can start to DCA in spot.
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