Quick Update:
Bitcoin has reached a critical level for survival (as shown in the weekly trendline below).
Here are three potential scenarios after my analysis:
👆. A bottom here could lead to a double bottom, starting a bounce targeting 8.8k.
✌. A new low around 58k could complete a 5-wave decline on the daily, with a weekly close above 67k, starting a bounce targeting 88k.
(Both of the above scenarios require a weekly close above 67k; if the weekly candle closes below that, all bulls might as well call it a day.)
🤟. This is the scenario the bears love; if the weekly closes below 67k, all bulls might as well pack it in. If we break down here, Bitcoin could be heading for the 30k range!!!
I'm a bull at heart, hoping the market follows the first two scenarios.
If we end up in the third scenario, I won't stubbornly hang on and will cut my losses; that's my current plan after reviewing the market. Hoping the market gives the bulls one more chance!
(This is just my personal opinion and should not be taken as investment advice!)
Bitcoin has reached a critical level for survival (as shown in the weekly trendline below).
Here are three potential scenarios after my analysis:
👆. A bottom here could lead to a double bottom, starting a bounce targeting 8.8k.
✌. A new low around 58k could complete a 5-wave decline on the daily, with a weekly close above 67k, starting a bounce targeting 88k.
(Both of the above scenarios require a weekly close above 67k; if the weekly candle closes below that, all bulls might as well call it a day.)
🤟. This is the scenario the bears love; if the weekly closes below 67k, all bulls might as well pack it in. If we break down here, Bitcoin could be heading for the 30k range!!!
I'm a bull at heart, hoping the market follows the first two scenarios.
If we end up in the third scenario, I won't stubbornly hang on and will cut my losses; that's my current plan after reviewing the market. Hoping the market gives the bulls one more chance!
(This is just my personal opinion and should not be taken as investment advice!)