Bitcoin (BTC) Primed For A Big Crash In 2020
- 4 years ago
Bitcoin (BTC) Primed For A Big Crash In 2020
Bitcoin made an impressive move to be upside once again yesterday but we saw that it was short-lived and the price started to crash soon after. We are now seeing BTC/USD struggling to break past the 61.8% fib level at $7,162 but it seems to be having a really hard time doing that and if the price keeps on trading below this level then the probability of a fall below $7,000 or eventually lower than that would increase drastically. However, at this point a lot of traders are expecting the price to decline further because there is obvious weakness in the price action and it tells me that maybe we could see another dead cat bounce to the upside and that would also be the perfect liquidity hunt that would shake out a lot more retail bears once again and trap in more retail bulls that are hoping for the price to shoot up towards $8,000 and higher.
Bitcoin made an impressive move to be upside once again yesterday but we saw that it was short-lived and the price started to crash soon after. We are now seeing BTC/USD struggling to break past the 61.8% fib level at $7,162 but it seems to be having a really hard time doing that and if the price keeps on trading below this level then the probability of a fall below $7,000 or eventually lower than that would increase drastically. However, at this point a lot of traders are expecting the price to decline further because there is obvious weakness in the price action and it tells me that maybe we could see another dead cat bounce to the upside and that would also be the perfect liquidity hunt that would shake out a lot more retail bears once again and trap in more retail bulls that are hoping for the price to shoot up towards $8,000 and higher.