The whole world is facing a financial crisis, and the markets are shaking the investors. We saw that the crypto market was also affected. The market moved fast and crashed badly, which brought altcoins down to the ground.
There were many reasons for this crash and the main and possible ones are the Tariffs which imposed on all over the world countries. Also the trade war between US and CHINA is shaking the whole financial markets.
Bitcoin crashed around 9-10%, falling from $84K to $74K. Similarly, altcoins crashed 20-30%, which was surely a big test for investors.
BTC is currently at $79,500, and recently it grabbed liquidation at $81K. Since the bias is bearish now, there is a high chance that BTC may test the $74K level again.
If the financial crisis gets better, then this could become a good support, but if the FED news is also bad, then this support may not hold, and there is a risk of further crash.
As I think, BTC is in a bearish mode and wants to wipe out long liquidations, then will try to take support. Hopefully, we get good support from $74K, otherwise the next target is $69K, which is the old all-time high level.
In the short range, if someone wants to trade, then $78K to $80K are good levels, but with a strict stop-loss. On a bigger timeframe, the range is $74K to $80K, and that too for short positions. Set SL at $81,500, which recently grabbed a big liquidation. Set TP at $74K with trailing stop-loss.
This is my analysis on Bitcoin, not financial advice just based on my knowledge. Surely, this post will give you information.
Do you think BTC will continue the bearish trend? Will Bitcoin test $74K again? I’d be glad to see your answers in the comment section.
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