Hello.

As we all saw, yesterday bitcoin just failed to break up from the bullish wedge and we saw that price dumped over 15% and touched 35.k area and just broke all the support areas at 37.5k and 36.5k. For now, bitcoin must hold 35k strong support area if we want to see a pullback to 40k and above that area again.Unless BTC holds 35k area, then we will go for 28k – 30k area very soon.

there are two possible scenarios.
1) BTC may bounce to 40k area in order to hunt those big short position stop losses and to liquidate a few hundred million dollars and then another dump to 32k could happen.

2) BTC may continue going to lower levels of 32.5k and 30.5k levels.

I personally think scenario 1 is more likely to happen. i think another pullback to 40k levels is very possible before another further downtrend.
As soon as we received a confirmation of another pullback, we can open some long on a few altcoins. but for now we havent received the confirmation yet. so it’s better to wait a little bit more to find out which scenario is going to play out.

Best regards.

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