Hello everyone,
How are you all? I hope you all are fine even after what we are going through right now for the crypto market.
Few days back, I shared my bitcoin market analysis using which we also predicted the market for upcoming days. As it has been few days and the market has crashed badly because of the geopolitical tensions, the war going on between Iran and Israel. Let us look at our chart that we shared recently in the blog few days back.
We can see that the first support did not only get broken but we also headed towards the second support line immediately and that is because we didn't stayed between these two lines for decent amount of time and that is why the move we just witnessed was normal for us with current market situation.
I clearly indicated about this move to come based on what was happening in the world and I am sharing the chart from few days back where I marked it with the arrow as well.
It is important to see if we be trading above the second line that is the green line as that acted as the resistance for bitcoin for about three months of time ( From Feb to May ). In the screenshot that I have shared below we can see that bitcoin is already failing to hold on with the second support line as well.
If we do not reclaim the second support soon we will be in even more trouble for the upcoming days. I think we might not see that happening but still with the current market and global situation going on, we can't say anything so the best we can do is hope for the best.
In the screenshot below we can see the next support for bitcoin which is a really strong support for bitcoin. It is approximately at 93k USD and I think that price should be worst case we will witness or that should be the max pain price for us considering that the current support is already broken.
I hope that the war situation will end so it will be beneficial for both, humanity as well as the financial market. The America has already entered in the scene and this is not a good news for us as that can further give reasons for other countries to participate in this war as well and if that happens, market will wreck.
I am just going to hold on to my spot wallet for now and spend some time with the family away from the market. There is no need to live in stress by looking at your portfolio again and again so better avoid doing that and yes also the future trading as well, make sure you avoid that.
You can get liquidated easily so don't play with fire at this time, especially if you are a new trader.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
