We may have a strong pull back at after this level, part of an ABC correction , we are approaching month end and quarter end and profit taking happens.
Both of those patterns at the end of a drastic downward movement are considered bearish. One of them having a name called bearish flag. this is typical before Wykoff event phase changes
MynameisTeo
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Tez8
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@MynameisTeo , this is a bullish reversal channel.
Sure as hell hope this is right and we don't get scamwicked another 10k down..35k if the same happens! That wick, no ta on earth could predict that and for what reason? Puts fear in the market unfortunately. Hope this is the low and nice chart! Agreed!
Tez8
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@JCLARK87, if it is sunk as low as 36K, it might be enough to crash the whole market, as many people would probably panic sell at this point. E.g. I would definitely to reducing my positions big time, and many other participants - further adding to downwards price pressure.
I believe the 44k level is a very deep liquidity.
SoupKitchenManagement
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@JCLARK87, That long wick was a stop-loss hunt acted on by the same whales that wish BTC to fail in el Salvador. No one can predict those events however some of us did tell people on Sunday the technicals were looking bad. Im here to say it again. the technicals do not look good.
Tez8
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@markus41, my thesis is built on the 42-44k support zone will hold, if the support is lost then I will become bearish.
Tez8
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@markus41, The El Salvador was a buy the rumor, sell the news event. Whales and institutions were taking profits at this point, adding to downwards price pressure.
The biggest issue to the crash was leverage positions and traders, most of the leverage is gone and we are holding the 42-44k.