11k Target if this happens…
Bitcoin has liquidated close to 2B in longs in one night. It broke key levels of support in a flash. Is this the end?
While everyone shows the up only scenarios, I will show you a very real possibility based on price action scenarios.
Looking at the monthly chart, 47k would be a level to hold above this month if bulls want to try and reverse the trend sooner than later. 47k would be a best case scenario that could be the last correction before 100k.
Close below 47k, 35k is the likely next stop and if open interest rises too high before getting back above 53k with over leveraged longs propping us up, a nasty wick down to 28k is likely. This scenario would see 35k be the Bulls last stand before major pain and years of consolidation and chop before new ATH.
Lose 35k on monthly close and double top neckline has been broken with a target of 11k which would be a STRONG base of support (strong VPVR level and 100 MA as support).
This is not what I think will happen. Just showing you the levels to watch that would invalidate bulls up only thesis. I only show you this to make sure you stay level headed and understand both sides of the big picture.
While everyone shows the up only scenarios, I will show you a very real possibility based on price action scenarios.
Looking at the monthly chart, 47k would be a level to hold above this month if bulls want to try and reverse the trend sooner than later. 47k would be a best case scenario that could be the last correction before 100k.
Close below 47k, 35k is the likely next stop and if open interest rises too high before getting back above 53k with over leveraged longs propping us up, a nasty wick down to 28k is likely. This scenario would see 35k be the Bulls last stand before major pain and years of consolidation and chop before new ATH.
Lose 35k on monthly close and double top neckline has been broken with a target of 11k which would be a STRONG base of support (strong VPVR level and 100 MA as support).
This is not what I think will happen. Just showing you the levels to watch that would invalidate bulls up only thesis. I only show you this to make sure you stay level headed and understand both sides of the big picture.
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