Bitcoin is crashing... ? Not really, Bitcoin continues really strong above $100K.
We have good news and bad news.
Bad news. The very ultra-strong, long-term unbreakable support zone is being challenged. This is the $100,000 - $102,000 price range.
God news. It holds. This support zone is being challenged but so far it holds.
So far there is nothing unexpected here we know the market can shake, the market is bound to produce swings. If 100K breaks though this would be a completely different story. If it breaks, Bitcoin continues bullish producing a retrace only to end as a higher low followed by additional growth.
Will support break or hold, is there a way to know?
Bitcoin's retrace after the all-time high so far amounts to -10%. A standard retrace can easily push prices between 0.382 and 0.5 Fib. retracement. Anything lower and this would be a correction rather than a retrace.
Will it break?
It is possible but so far 100K is a very strong support. We have EMA55 here as well as several Fib. levels but if Bitcoin remains below $102,000 then it can definitely break.
The next major support below 100K sits at MA200 or $95,000. This is in-between 0.382-0.5 Fib. retracement. This can be used as the higher low zone and re-entry zone. But, Bitcoin is really strong and demand is big, so we have to wait for the weekly close.
Remember, Bitcoin will continue slightly bearish, consolidating, until the Fed decision. After the event, it is very likely to go full blown bullish. The altcoins will grow as well.
Watch the market shake just to recover the next day.
Are you a weak hand or a strong hand?
Do you have a trading plan?
If you do, nothing changes, simply short-term noise.
If you don't have a plan, right now you might be thinking that the world is close to its end. It isn't, Bitcoin will continue to grow, it takes time for the bulls to recharge before the next wave of growth.
Focus on the long-term.
Thanks a lot for your continued support.
Namaste.
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