Looking like a break down on this bullish pennant/consolidation period- which is looking towards further downward movement usually in these scenarios.
There is a little bit of support at $53.3k - although this breaking will see a pretty quick drop to $50.9k
Market is holding against the BTC dumps surprisingly well - so I am not expecting to big damage to overall market should BTC dump again although it will be enough to knock out any new positions with tighter stop losses.
To further the BTC update above when/if we get to the $50.9k support then be warned and watch positions as this will be a big, big point for BTC in whether it holds to track back up to $60k or a pretty swift drop to $44k $43k.
There is a little bit of support at $53.3k - although this breaking will see a pretty quick drop to $50.9k
Market is holding against the BTC dumps surprisingly well - so I am not expecting to big damage to overall market should BTC dump again although it will be enough to knock out any new positions with tighter stop losses.
To further the BTC update above when/if we get to the $50.9k support then be warned and watch positions as this will be a big, big point for BTC in whether it holds to track back up to $60k or a pretty swift drop to $44k $43k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.