With the bankruptcy of giant crypto exchange FTX last week bitcoin, faced the greatest selling pressure in recent times. The ancestor of cryptocurrencies dropped to $15,600, the lowest level of the last 2 years, towards the end of last week.
In the summer of 2022, the bears took control as the $18,000 level, a crucial support for Bitcoin, broke down. crypto analyst Jim Wyckoffannounced his comments about Bitcoin today as the market calmed down.
Wyckoff pointed out that after the last sale in Bitcoin, a price structure similar to an inverted flag formation was formed on the chart. In other words, the analyst thinks that BTC bears will maintain their advantage in the short term and the declines may continue.
Bitcoin tested the $15,800 level twice in the last three days. A possible 4-hour closing below this figure may increase the sales again.
Indicators in Bitcoin, on the other hand, continue to give sell signals. According to TradingView data, the majority of the indicators on the daily time frame are in the “sell” position.
The situation that will show that the market is breathing and the downtrend is over to some extent will be with the closings above the $ 17,700 levels.
Closures above this level may turn the direction of the market upwards.
In summary, the most important levels to consider here $15,800 and $17,700. Especially, investors who want to make a new entry can understand that the direction is clearer and take a safer position, with closings above or below these levels for 4 hours or more.
Elon Musk: Bear Market May Extend
Following the bankruptcy of FTX, financial experts and well-known names in the crypto community made various statements.
Tesla CEO Elon Musk warned investors that the bear market in crypto could last longer than expected.
A name spoke from Berkshire Hathaway, an investment firm that is majority owned by the famous billionaire Warren Buffet. Charlie Munger, one of the company’s vice presidents, has angered cryptocurrencies, saying that cryptocurrencies are a combination of “fraud and illusion”.
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