๐Ÿ Way Down We Go!

BITCOIN

MonoCoin Signal

6/13/2022 0 min read

So Bitcoin finally pushed down the lower levels and broke support. As I'm posting this chart, the price is pushing down on the lower Bollinger Band , which is a bearish hint. And also, it just broke the 200-Week Moving Average, which was one of the strongest supports. Now, suppose Bitcoin closes a daily candle below the 23K area. In that case, this is officially a correction down to the support levels pointed out in the chart. Now let's say this idea is correct and accurate. I have set three support levels on the chart in three different colors based on their strength. Those levels can be counted as our targets in a bearish scenario. The first support isn't strong enough. It can be broken easily, but the second support is the primary one we have, which is also the gap level we have posted about recently. And support #3 is where the price might land after the panics in the market. YOu see one the price hits the 17K channel, it will cause a psychological dump due to the panic and massive sell volumes. So support #3 is our last support in case this correction happens.