$BTC/USDT - Bitcoin confirmed old support as resistance
Bitcoin sold of very sharply last weekend following the overall "omicron panic" in the markets.
The selloff absolutely smashed the demand line, that defined the whole rallye since the July lows.
After a little recovery rallye, we perfectly tested that old demand line yesterday and confirmed it as new support.
That is a pretty bearish signal, now the bears can show what they are made of, a new test of 42-47k seems kind of likely at this point.
If the bulls can defend 42k another time and buy it up, we might confirm a double bottom at that point.
If we break below 42k though and also 40k, crypto would be in a very rough spot!
Tough spot to open up fresh longs here, if you are looking to enter the market, aggressively buying 42k-47k might be the way to go, but think about exiting the market if we break below 40k, if you are not okay with just sitting out a big months long correction.
Stay safe in this markets guys!
The selloff absolutely smashed the demand line, that defined the whole rallye since the July lows.
After a little recovery rallye, we perfectly tested that old demand line yesterday and confirmed it as new support.
That is a pretty bearish signal, now the bears can show what they are made of, a new test of 42-47k seems kind of likely at this point.
If the bulls can defend 42k another time and buy it up, we might confirm a double bottom at that point.
If we break below 42k though and also 40k, crypto would be in a very rough spot!
Tough spot to open up fresh longs here, if you are looking to enter the market, aggressively buying 42k-47k might be the way to go, but think about exiting the market if we break below 40k, if you are not okay with just sitting out a big months long correction.
Stay safe in this markets guys!
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