Days after Crypto crash - the Bitcoin story
IF you did not see the crypto crash of yesterday coming, do review it... it was forming within two days, and within a day, it flashed across the first wave. Now, a second wave is in effect... for a lower low. Watch and plan for the next move, look and anaylyze to project what to do next... it will help when the time comes.
From the daily BTCUSD chart, you can see marked out cyan dotted lines and purple dashed lines. These represent the points where the Relative Price Momentum (RPM) indicator crosses the zero line... cyan for crossing UP and purple for crossing DOWN.
The chart and the correlation speaks for itself.
The last "crash" and pushing for a lower low is telling of a start of a retracement. And this retracement looks to be deep and fast. Technically, analysis is very challenging but expecting a deep retracement over the next weeks to about 35K, pausing around 40K for a bit. A deeper correction may bring price down to 24K, which is not surprising at all for Bitcoin/BTCUSD.
Currently, the RPM is pointing downwards, so it looks like it is working down, or at best consolidating over a large range (to be defined).
Plan well, execute as needed in the future...
God bless.
From the daily BTCUSD chart, you can see marked out cyan dotted lines and purple dashed lines. These represent the points where the Relative Price Momentum (RPM) indicator crosses the zero line... cyan for crossing UP and purple for crossing DOWN.
The chart and the correlation speaks for itself.
The last "crash" and pushing for a lower low is telling of a start of a retracement. And this retracement looks to be deep and fast. Technically, analysis is very challenging but expecting a deep retracement over the next weeks to about 35K, pausing around 40K for a bit. A deeper correction may bring price down to 24K, which is not surprising at all for Bitcoin/BTCUSD.
Currently, the RPM is pointing downwards, so it looks like it is working down, or at best consolidating over a large range (to be defined).
Plan well, execute as needed in the future...
God bless.
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