Bitcoin Crashed: Good or Bad

RECENT BITCOIN CRASH TRIGGERED RETEST TO KEY LEVELS, NOTHING TO WORRY ABOUT, ANALYSTS SAID

BTC TOP 3

BITCOIN CRASHED, WHAT THEN?

Although many weak retail hands got scared and liquidated from yesterday’s Bitcoin crash, most crypto analysts/influencers believed what happened was exactly what we needed for the market to reset to healthy levels.

Crypto Zombie said the recent crash wipes out leverage on the long side as well as the short side – somewhat a good thing as this helps reset funding.

Scott Melker: the recent crash does not look like a convincing dump. at the moment, it looks like an excuse to test resistance as support. He even added, “BTC looks fine, not scared at all. this is a dip-buying opportunity”.

Bitboy Crypto’s take is somehow similar, too. He said there doesn’t seem to be any news-driven reason for this recent correction. This means that the market is just getting overheated.

On the charts:
BTC daily – The price action right now might be indicating a potential rising wedge resulting in a potential breakdown happening at some point later on. Still very premature though. But we could be expecting a move up to the 66k highs then another corrective move — then we’ll see decision being made: if we can get back up or not.

$62k-$63k is the key level we should hold as support. When lost, heavier correction is very likely with $58k as the next level of support.

BTC/USDT – if we break back above $67k, we are likely to resume the bull cycle and ready for another all-time high to be hit.

ETH/USDT – had a beautiful retest at $4450; looking fine at this moment.

ANOTHER DISTRIBUTION PATTERN?

If you’ve been in crypto for at least a year, then you have heard of the crypto influencer who has called out the May dump: Uncomplication, that’s his channel is called.

Today, he has uploaded a new vlog which discussed another prediction on the market.

Starting off by saying “Crypto is never going to be a place where prices just skyrocket to the moon just because everyone wants crypto, it’s rare, it’s scarce”, he then pointed out that he is seeing a potentially another distribution pattern that has triggered major market dump recently.

Although it is not going to be dumping anytime soon as we might be in the early stages of the said pattern, he said he would be surprised if we get past an $80k BTC — which totally deviates to what PlanB’s month-end $98k prediction.

Which prediction should we believe then? Well, I would say, as always, do your own research, take time to understand and study the market and take everything with a grain of salt.

SHOULD YOU INVEST ON SHIB?

5 Reasons Shiba Inu Can Head Higher

  1. The prospect of SHIB tokens listing on Robinhood
  2. ShibaSwap is encouraging longer hold periods
  3. Elon Musk tweets Shiba Inu to new highs
  4. The fear of missing out proves powerful
  5. Few avenues exist to bet against SHIB

Then, the Big Reason It Should Be Avoided
Its complete lack of competitive advantages.

Now, should you want to enter a trade in SHIB, it has just broken out of its descending wedge pattern. You can either buy at this point then make sure to sell when you’ve had profits after. SHIB is not meant to be hodled, but trading it should be fine as long as done at the right time.

DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. TRADE/INVEST AT YOUR OWN RISK.


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

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