BTC lost vital support. Where to now? 3 Levels to watch

As Mentioned in posts earlier, the 236 Fib Retrace line was a Vital line of support, that if lost, could show a deeper Bear market is waiting..
And we lost it this afternoon.

We can see how PA fell below that line and is currently bouncing off the Value Area LOW of the VRVP, technically a line of support that may hold, if the Bulls decide to.

A Closer look at the chart above

eThis show us, in Green highlight, the 2024 Range Zone, that I am hoping PA will go no lower than.
We have 3 levels.
Just below where we are now, we have the 3.618 Fib extension line, this is a Cycle Fib set, based on the Start in December 2022.
This Fib line is around the 71K usd line
The Middle line of this Range is around 65K and is a VERY possible bottom line in my books, but we can never be sure.....
And the lower line of support, we find around 3 Cycle Fib extension line at 59K..less likely but possible on a Quick dive down and recovery
I have Buy orders on all 3 lines.

If we zoom out again, here is the original chart ...

See over on the left, the 3 blue boxes, these show you the % level drop from the current ATH to various Levels.
If we do a traditional 80% drop, we will see PA way down , on the top of the original pause in Rise in 2022 at a price around 24600. I find this unlikely But, should large Corporations begin to sell their ETF holdings.......

Next is the 69% Drop we would have if PA fell to the 2 Cycle Fib Extension. This has a price around 39200. What a Buying opportunity that would be..........

My expected absolute low around 59K, we find sitting on the Cycle 3 Fib extension. Which as a Note, was just below the 2021 ~ATH line.

We are currently just above the 2024 Range Box and , as mentioned Earlier, I am NOT wasting this opportunity to buy, even if that price carries on dropping.
This is where we "Scale In"
Do NOT use all your money in one go. use 10% of it, see where price goes, Use another 10% at the next opportunity.....and so on..............

The same pribciple is used to "Scale put" when you want to sell.

Keep Calm and BUY BITCOIN

Orriginal

Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice

Clause de non-responsabilité

Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.

Orriginal