What a bloodbath in the cryptospace these past few days!
This is another example of news blowing information up and exagerrating it.
The primary hypothesis is that this heads back up to test 12000 where we will see exactly what price wants to do from there.
While someone pointed out that there is a forming on the chart, that pattern has already played out! Price has broken beneath the flat bottom at $12,000, managed to stay below, and now the initial reaction should be a retest back up to $12,000. Stops on crypto are a bit tricky during times where FUD (Fear, Uncertainty, Doubt) plagues the market. Since the of this market is so high, stops have to be adjusted.
The usual rule of thumb is that price should not breach the when making a move up, however, in the case of Crypto, I have see the price briefly tap up to the and still continue to be .
Ideal entry- Mid 9000s/Right now in mid $10,000s
Stop Loss: $7500
(1) $15,000-> Initial .
(3) Breakout above $20,000
No sign on the daily of any reversal in price as of yet.
Not confirming upward movement yet.
The ideal way to enter is through dollar cost averaging. I would still not be surprised to see price test inside the $9,000 level again, and I think this will present a good buying opportunity.