If you look at the current pattern, we have what appears to be a bearish pennant . If you do a "by the books" target for breakout, that would land it firmly at a double bottom around $30k.
That said I don't expect we have the liquidity for such a dump at the moment, unless whales spend a great deal of their holdings to do so. We still see macro net accumulation of Bitcoin as supply continues dropping on exchanges. But this could still take a while to play out. Rejecting from the 20/ 21w MA support band is a strong sign that sentiment is rising bearish , and this is compounded by the back to back whale dumping this week from Binance and Bitfinex whales who clearly want to see price drop more.
Bottom line: While I don't think a drop down to $30k is a high likelihood scenario, it is possible and you should plan on this as a possibility. This is probably a good opportunity to DCA into spot positions.
That said I don't expect we have the liquidity for such a dump at the moment, unless whales spend a great deal of their holdings to do so. We still see macro net accumulation of Bitcoin as supply continues dropping on exchanges. But this could still take a while to play out. Rejecting from the 20/ 21w MA support band is a strong sign that sentiment is rising bearish , and this is compounded by the back to back whale dumping this week from Binance and Bitfinex whales who clearly want to see price drop more.
Bottom line: While I don't think a drop down to $30k is a high likelihood scenario, it is possible and you should plan on this as a possibility. This is probably a good opportunity to DCA into spot positions.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.