Let's face it, BITCOIN is doing very well...with all the losses it's been seeing lately.
The market is reflecting Trump's madness, basically on stocks.
BTC seems to be resisting the onslaught like a champion...
GOLD is mostly taking all the remaining liquidity, and it's very possible that this will continue for a few days or weeks yet...at least until the FED issues a verdict on where interest rates are headed.
However, BITCOIN seems immersed in a simple ABC correction...for the moment.
I just need one more "leg" downward to complete it and see what develops next.
In this regard, a good area to land the "C" would be at the 0.5 FIBO, that is, around $62,000... the second most likely landing level should be at the 0.618 FIBO, indicating around $51,000.
BTC is currently testing the sloping resistance line (in red). This line is the guide for the correction. I'm not sure how long it will last... it could be a very abrupt and rapid, "black swan" correction within the next few weeks, although the red guide line seems to point to a longer and more erratic development, even reaching June...
I'm preparing my liquidity for these two levels, $62,000 and $51,000... we'll see.
With the Trump administration, nothing can be guaranteed either; this is like adding a level of difficulty to what is already difficult to predict.
Trump is a box of surprises.
The chart looks interesting. It would be interesting to see how people reach if it reachs $51,000. I do think that the economy is looking kind of bad and I wouldn't be surprised to see the markets tank due to some black swan event.
51k should be a good buy level, I don't think it would dump more
Another leg down at this point would be brutal.
I'm following Bitcoin's potential downturn and your points about $62,000 and $51,000 make sense. With Trump's unpredictability and interest rates in play, I'm personally bracing for market volatility and watching key levels closely.
#hive
#hive #posh