BTC is still within the range after we got a quick sell-off at the daily level - 39.1k. This move was made mainly by longs taking profit - so many profit takers at that level + later Longs FOMOing - and then getting trapped/liquidated - pushed price to the current level.
Now BTC might retest important support, 35K-33K, where we might get a bounce - If this support fails to hold, and we close a Daily candle below 34.5K, then it is time to revisit sub 30K levels.
I believe it won't be the case since this drop wasn't done by a massive spike in volume / open interest + short speculation but more profit-taking from Longs (but I never trade my beliefs).
I am watching these trendlines on the daily RSI. The horizontal lines mark historical bottoms. Statistically, RSI respects channel formations very well - A breakout out of the more extensive channel, and it will be apparent to me that the bottom was in. Otherwise, we might expect RSI to show us where the bottom will finally be, maybe back to historical (RSI) lows?
PS: Every bull is pissed-off at Lex Luthor Musk, and I understand that. But there were enough technicals on this move. I don't believe his Cryptonite was that effective this time. I think that the market is getting smarter.
Now BTC might retest important support, 35K-33K, where we might get a bounce - If this support fails to hold, and we close a Daily candle below 34.5K, then it is time to revisit sub 30K levels.
I believe it won't be the case since this drop wasn't done by a massive spike in volume / open interest + short speculation but more profit-taking from Longs (but I never trade my beliefs).
I am watching these trendlines on the daily RSI. The horizontal lines mark historical bottoms. Statistically, RSI respects channel formations very well - A breakout out of the more extensive channel, and it will be apparent to me that the bottom was in. Otherwise, we might expect RSI to show us where the bottom will finally be, maybe back to historical (RSI) lows?
PS: Every bull is pissed-off at Lex Luthor Musk, and I understand that. But there were enough technicals on this move. I don't believe his Cryptonite was that effective this time. I think that the market is getting smarter.