Will BTC get down to 47k before going up to 60k?
Here's a quick look at BTC 4 hr chart. As we can see, the price broke down from the rising channel and went all the way down to 53k where we found some support and bounced. The price is right now forming a new ascending triangle, and if the price somehow manages to break to the upside, we are then going to new ATH for sure. But if the price breaks lower, we are then looking for some support at 50k level and if that level can't be held, we are then looking for some heavy support at 45-47k zone.
One thing to keep in mind is that Bitcoin is very correlated to the big stocks, hence if the stocks are down, we should then expect a pullback from bitcoin. however the fear in the market is growing, and we should be cautious trading right now.
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BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
One thing to keep in mind is that Bitcoin is very correlated to the big stocks, hence if the stocks are down, we should then expect a pullback from bitcoin. however the fear in the market is growing, and we should be cautious trading right now.
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
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