A little Bear Cycle for BITCOIN
The market went up and got rejected from the upper resistance level. Even though we have 100 MA but I don't think it would be enough to hold the price fall because data shows a large number of shorts are ebing opened. If traders believe market gonna go down, it will. Some people will make profit but rest they will get liquidated when the price will take a sudden rise. The same thing happened last night and this will happen again. More than 100M dollar of short trades were liquidated and the long.
When people think market is gonna go deep, it takes sudden shift in the movement. At current point, the lower level of support zone MIGHT be able to hold but if fails it will go down to the 0.786 Fib mark for support. Going under it will be another dip story. But if any of these twi succeed in holding and pushing back, the market will come up to recreate the support level at point 2 and will try to stay in the zone to make the support stronger, or better get a ittle up so the zone soidifies, making a way to upside and try to break the red zone above it. And this time it should succeed and touch the 70k mark.
We are looking at another over 100k in liquidations.
When people think market is gonna go deep, it takes sudden shift in the movement. At current point, the lower level of support zone MIGHT be able to hold but if fails it will go down to the 0.786 Fib mark for support. Going under it will be another dip story. But if any of these twi succeed in holding and pushing back, the market will come up to recreate the support level at point 2 and will try to stay in the zone to make the support stronger, or better get a ittle up so the zone soidifies, making a way to upside and try to break the red zone above it. And this time it should succeed and touch the 70k mark.
We are looking at another over 100k in liquidations.
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