With the flash-crash of Bitcoin today and the world stock market as well, we can expect further decline bin the crypto markets which was not what most of us could predict last week but as it seems, this coronavirus pandemic media frenzy is clearly spreading even more FUD amongst investors and traders than the virus itself.
With that in mind and by drawing some FIb retracement and looking at major S&R levels, I see these two possible scenarios developing for Bitcoin in the coming weeks.
We broke the downtrendline after hovering above it for a few months and now it will act as a resistance in the recovery phase. We are still holding above the uptrend support line and this is crucial right now for Bitcoin. If we manage to stay above it, we are safe. Otherwise, a further dip to the 3K levels is imminent. Let's hope we don't go there.
Keep safe!
With that in mind and by drawing some FIb retracement and looking at major S&R levels, I see these two possible scenarios developing for Bitcoin in the coming weeks.
We broke the downtrendline after hovering above it for a few months and now it will act as a resistance in the recovery phase. We are still holding above the uptrend support line and this is crucial right now for Bitcoin. If we manage to stay above it, we are safe. Otherwise, a further dip to the 3K levels is imminent. Let's hope we don't go there.
Keep safe!