BTC at around $28,700 area right below what used to be a strong support level at $29,000. BTC has tried 3 times to go over $30k but it has failed to break substantially above it forming a wedge pattern. The 200ema is above the 50ema and below that the 20ema, signaling bearish momentum. The most likely scenario is that we go back down to that $27k area before we get another pump up to the $30k resisatance level and test once more.
Why is BTC down?
FED moniteray policy (intrest hikes)
Inflation
Terra (Luna) crash and UST depegging
I dont think we are going to test $25k for the moment because BTC was over sold when it hit that area due to multiple factors (mentioned above), more likely $27k is the first stop down, but if after hitting $27k we go up and get rejected at $30k again $25k becomes more likely.
Buying opportunity?
Yes. Extreme Fear rules the crypto space but if you have a little cash around it is a good time to get some BTC, I wouldnt spend all my money on t just incase there is more downside but anything under 30k right now is a good buy.
Save some cash!
Cash is King right now, its not only BTC that is down, all markets are down so be smart and invest wisely and keep some cash reserves.
Why is BTC down?
FED moniteray policy (intrest hikes)
Inflation
Terra (Luna) crash and UST depegging
I dont think we are going to test $25k for the moment because BTC was over sold when it hit that area due to multiple factors (mentioned above), more likely $27k is the first stop down, but if after hitting $27k we go up and get rejected at $30k again $25k becomes more likely.
Buying opportunity?
Yes. Extreme Fear rules the crypto space but if you have a little cash around it is a good time to get some BTC, I wouldnt spend all my money on t just incase there is more downside but anything under 30k right now is a good buy.
Save some cash!
Cash is King right now, its not only BTC that is down, all markets are down so be smart and invest wisely and keep some cash reserves.