Bitcoin broke all major supports on Wednesday after it fell by 15% to hit a new 52-week low at $15,600. This fall came after the collapse of FTX, the main trigger for the deep sell-off.
Earlier this week, Bitcoin was trading at $21,500 before it fell to $15,600 in just two days. Although traders are rushing to buy this new low, it is important to confirm if there are any signs of a reversal!
In the 4-hour time frame, we can see that Bitcoin is approaching the previous support zone at $18,500. It is too early to say if this is a reversal as it could be a bearish retest of the breakout zone. This is why traders should wait for the price to reclaim the resistance at $18,500 before taking any long positions.
If the resistance is reclaimed, traders can expect the price to go back to the $20,000 zone in the coming week. However, if the price is rejected by the resistance, it will be seen as a bearish retest, and a new 52-week low could be hit in the coming week.
The major points of interest are $18,500 and $15,600.
Earlier this week, Bitcoin was trading at $21,500 before it fell to $15,600 in just two days. Although traders are rushing to buy this new low, it is important to confirm if there are any signs of a reversal!
In the 4-hour time frame, we can see that Bitcoin is approaching the previous support zone at $18,500. It is too early to say if this is a reversal as it could be a bearish retest of the breakout zone. This is why traders should wait for the price to reclaim the resistance at $18,500 before taking any long positions.
If the resistance is reclaimed, traders can expect the price to go back to the $20,000 zone in the coming week. However, if the price is rejected by the resistance, it will be seen as a bearish retest, and a new 52-week low could be hit in the coming week.
The major points of interest are $18,500 and $15,600.
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