Well, the Bitcoin bulls are holding on for dear life at the 30K support level which is actually good that we are building market support at this level. If we can't hold this level, the next stop is 25k, which there is not much, or really any support. After that, the next stop on the Bitcoin rollercoaster is 20K!
Taking a look at the daily time frame, with all my support and resistance levels, you can see that with the amount of downward pressure, 20K is almost inevitable at this point.
The blue line in the chart represents the absolute bottom as we see things. This is around 13.5K - 10.5K... You may be saying, WTF??? Yeah, well traditionally, in past bear markets, there has been an 85% correction from the top, and that is the level! It's also the level with the most market structure and support.
Now this is not to say we will stay there long if we go there, I am thinking that it will be more of a liquidation bounce off those levels if anything.
With everyone in the bull run screaming 150K-250K BTC, and the fact that we didn't even get close, I am hoping the drop will be about the same. With the amount of institutional investors that are in play at this point, I am hoping that we can sustain the current levels.
If we break current support, I am opening a short on Pancakeswap.finance on BSC! They have a new perpetual trading platform that I am starting to do some leverage trading!
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This is for educational and recreational purposes only!
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