Hello.
We can see RSI has broken its ~1 year downtrending trendline from feb 2021 on 3D (also on daily and weekly). Tells about possible trend change.
Double top from 69k and head and shoulders targets hasn't been able to met. (Not enough sellers?)
Price was pressured down with 25EMA (yellow line highlighted with red arrows), and has broke it now.
18 500 is a strong resistance. If Bitcoin breaks 18 500 and stay on top of it, for me this FTX panic drop was to shake people out and trick them to wait for "lower prices"
Market sentiment has been really negative for a long time and people have been waiting for 14, 12 and 10k so we probably won't even get there.
Also there has been many news again how crypto is dead etc etc
We can see RSI has broken its ~1 year downtrending trendline from feb 2021 on 3D (also on daily and weekly). Tells about possible trend change.
Double top from 69k and head and shoulders targets hasn't been able to met. (Not enough sellers?)
Price was pressured down with 25EMA (yellow line highlighted with red arrows), and has broke it now.
18 500 is a strong resistance. If Bitcoin breaks 18 500 and stay on top of it, for me this FTX panic drop was to shake people out and trick them to wait for "lower prices"
Market sentiment has been really negative for a long time and people have been waiting for 14, 12 and 10k so we probably won't even get there.
Also there has been many news again how crypto is dead etc etc
Comment:
High volumes can also indicate bottoms and tops when there is alot of exchange between sellers and buyers
Comment:
There were already 3 big liquidation and capitulation events
Comment:
I can also be wrong and we drop to 14k and below. Time will tell. But what I do know is that, as a long term investment to bitcoin. From 18k to 70k is close to 400%.
Cheers
Cheers
