Correction modus
What a drawdown, guys. Bitcoin fell from 109k to 76k last night. We are back at 80k this morning but that doesn‘t mean much. The sentiment is brutally fearful everywhere, not only at the crypto markets. Also the S&P index and especially the Nasdaq index are down significantly. We are in the middle of a correction. This sharp drawdowns are normal for Bitcoin which doesn‘t make them much easier to bear, does it?
Support for Bitcoin?
If we look at the weekly chart it is still the same picture as I described earlier in this post: The major area to watch is 70-74k, thats a major support line, going back to the highs last year. If we cannot hold that - and I think that is becoming more likely with all the FUD around - if this support doesn‘t hold, we will probably fall down towards the low 60s (62k being a possible Fibonacci retracement) or even back into the 50s.
Fasten your seat belts guys and cross your fingers, this ain‘t over yet.
The dip is crazy
Never thought it would go this low😅
Quite a nice analysis. True this ain‘t over yet, but hope it holds near 70k.
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It will be fine.
The people with lots of money will still have lots of money and probably end up with more.
So of the rest of us will lose money.
And there will be some cheerful scabs that will pick up an extra few dollars here and there!
Brutal dips man brutal dips. But this ain't the first, history has proven Bitcoin always makes a comeback. 70 to 74k better hold, or I'm going to getting sick 😭