Recently I made an analysis on Bitcoin and my expected final capitulation area. Said capitulation area would, in my view, be likely be the bear-market low.
For now, we found strong support around the $29k support, the same area which held during the summer-21 bear market. Since the stock markets have been selling off for 6 straight weeks, it's statistically likely that stocks will end up in the green next week, which will likely lead to a green week for BTC as well.
In my view, this is just a dead-cat bounce which will eventually lead to further capitulation towards the 200-week SMA.
Enjoy the bounce, but be careful since there's likely more downside coming.
For now, we found strong support around the $29k support, the same area which held during the summer-21 bear market. Since the stock markets have been selling off for 6 straight weeks, it's statistically likely that stocks will end up in the green next week, which will likely lead to a green week for BTC as well.
In my view, this is just a dead-cat bounce which will eventually lead to further capitulation towards the 200-week SMA.
Enjoy the bounce, but be careful since there's likely more downside coming.
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