Bitcoin (BTC): 10% Downward Movement / More To Fall = What Now?

We are back with Bitcoin here on a daily timeframe and what a nice movement we have been having since we called that local top.

Price has moved so far by almost 10%, claiming our first target zone and moving into the second one here.

As we just secured the resistance line and 100EMA, we are looking for further movement to lower zones here, which would mean, of course, movement towards our second target zone!

Swallow Team

Bình luận:

The first target has been reached, which resulted in a nice 13% market price movement from the local top (the new ATH).


As the price has stopped near $60K, we are looking for some kind of small recovery to happen here, but no further than $64K. After that, we want to see another attempt to break that local $60K zone and fully secure that zone there, which would result in a movement to $50K (where the majority of the market is lying as of now).

Bình luận:

Now that our first target has been achieved nicely, we are looking for another movement here, which is a test to 200 EMA (potentially breaking it and moving to $50K zones).

First, what we are looking for is the re-test of the broken 100EMA, which should happen this week. After most indicators stabilize (RSI + Bollinger Bands), we can start the test of the 200EMA, which is the next big zone that needs to be broken!

Swallow Team