We got a solid support zone at ~$52,000 but something tells me we may break through as price action stays consistent on its drawdowns.
1st drawdown from high to low is about 36%
2nd sits around 3% more than the last
3rd drawdown has a possibility of aiming for the same amount
We also have another bearish wedge pattern like the last indicating a continuation down.
Bears are still very strong here and long positions are likely to be liquidated unless if your scalping.
Now if price looks to break below I'm expecting a liquidity grab at the next support lvl (~40.3k).
Stay safe, happy trading :)
1st drawdown from high to low is about 36%
2nd sits around 3% more than the last
3rd drawdown has a possibility of aiming for the same amount
We also have another bearish wedge pattern like the last indicating a continuation down.
Bears are still very strong here and long positions are likely to be liquidated unless if your scalping.
Now if price looks to break below I'm expecting a liquidity grab at the next support lvl (~40.3k).
Stay safe, happy trading :)
NathanAL
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NathanAL
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