Looks like I somehow posted my last BTC idea twice, my bad. Anyway, BTC finally broke below support around $60k and then the major area around $59.3k. It is still holding on to the previous low it made earlier in the year for now, but if it breaks lower my first target would be demand around $50k - $52k. There's also another major demand area ending around
48K
, so it seems like a lot of buyers to get through if it's gonna sell off any further than that. However, BTC can be a slippery slope.
48K
, so it seems like a lot of buyers to get through if it's gonna sell off any further than that. However, BTC can be a slippery slope.
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As expected, the sell off has escalated quickly after finally breaking below $59k. It could hit demand sooner rather than later and I'd expect at least some sort of bounce there. It may end up being a longer term bottom, or it might come back down soon after, but it should bounce there either way. If not, that's pretty scary for bulls if you ask me.
