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clock Created with Sketch. 22/05/21
14:33
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Originally posted by Director12
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What do you base the 20K on? I don't have any points of interest at that level and there seems to be a fair bit of support at around the 20K level where it dipped to the other day (which was also the daily 200MA and weekly 50ma). The only other scary one is the weekly 200MA at around 12K but IMO that would be an over correction. Here's a good summary of last weeks action.The crypto markets took a tumble this week, with $8 billion in Bitcoin liquidations alone. This was symptomatic of the market’s over-leveraged state, positioning for a bounce around $40,000 that never materialised. Though no single event can be blamed, market jitters were compounded by a misleading article from Reuters claiming that China banned BTC (which was in fact just a reiteration of a previous rule), along with the dirty energy debate sparked by Elon Musk, and a flurry of regulatory non-stories from the US. While over-leveraged traders were rinsed from their positions, dip buyers stepped in to take the opportunity, which included C10 and IBA (the latter is now showing over 20% outperformance over Bitcoin for the month). The market soon rebounded from Bitcoin’s sub-$30,000 lows, reclaiming the $40,000 level.
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Based it pure on support level, as highlighted by yourself. There isn't much support below 30k,until around 20k.
