I Tried To Tell Y’all 58K Was In Play- What’s Next For Bitcoin?
Not to say I told you so, but, yeah, I did tell you all a while back when we broke previous all time highs that the 58K range for Bitcoin was still in play, and guess what happened? We hit it… So what’s next for Bitcoin?
Okay so now that is all out of the way, let’s talk about what could possibly happen next. I do not think that just because we hit this level that we will have some kind of V-shaped recovery. Highly doubtful. As a matter of fact, I still believe that we will be heading even further south to the 50K-52K range as I stated in another previous technical analysis post.
Why do I think this? Well, that is where the largest amount of support is sitting. This pump went too high, too fast and is having to correct back down and retest the previous major zone of volume. I mean, it doesn’t have to, but it’s normal market movements.
Too many in the Bitcoin and crypto space are too short term focused. I know I have been at times, but that is why I am flashing the Daily chart at you is because on the bigger picture, we still have some retracing to do to build a solid market structure before we really go for moon shots. Not only that, the news of government FUD has really shaken up the Bitcoin ETF TradFi crowd and they have been dumping right and left. So downside is not finished by any means and I feel that 50K-52K is still in the cards.
Until next time my trading buddies, trade logically!
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