I hope I’m wrong, but we could be at the start of a fake Breakout next week and then descend into the abyss towards 20K !!
This is a purely technical analysis , valuing only the data provided by the graph, they are always substantially BULL but I cannot exempt myself from the clearly BEAR data.
As you all know, breaking a MONTHLY TREND is the worst thing that can happen and this has happened, more with high volumes which is even worse.
We have had 7 weekly red candles and it is a new record for BTC and I believe that, as it should be, there is a good chance of retesting some resistances in a range that can vary between 33k and 36k .
To help me I used the mythical Fibonacci to give a retracement rate and as you can see from the ATH we went up to the threshold of 0.382 the last time on 48K , if Fib is right we could touch 36k with a shadow thus touching the 0.382 of FIB but then I think that given the very negative global trend we will be further affected by this situation seeing a new DUMP that could bring BTC to an unimaginable level close to 20k above the highlighted cluster, unfortunately below 30k we have no support derived from an exchange of demand / offer and this can cause BTC to slide very low.
We hold BTC and don’t risk it, it’s a fundamentally bad and unpredictable time, there will be better times.
I sincerely hope I’m wrong and that BTC may surprise us.