How Far Can Giants Like BTC Fall?? Possibly to $75K-$65K

٤ ديسمبر

Before BTCUSD can continue to make more All Time Highs, Structure must be created to sustain Higher Prices by testing Previous Levels!

These levels consist of a Potential 20 - 30% decline or roughly 29K - 21K drop in Price, impossible?? Two Reasons why it may not be:

1) South Korea's temporary Declaration of Martial Law seen Bitcoin Price take a 33% drop to 65K before recovering to 95K. At times of tension or uncertainty, Bitcoin can still be affected regardless of how Bullish it may be!

2) After the November 2021 All Time Highs of 69K stood the goal mark for Price to beat, it took a 77% or 53K drop in Price in just a year.

Now seeing as how Bitcoin formed a Bull Flag @ $73,835 after surpassing the November 2021 Highs and then Broke Bullish after the Trump Administration Presidential win, bias on Bitcoin remains overall Bullish and I believe Price just needs to make a slight Retracement to a Previous Level to find more Support, and that Support ultimately will be Businesses, Corporations and Countries Buying BTCUSD at Lower Prices!

The RSI Divergence from Price's Highs and the waning of Bullish Volume suggests that Bulls are losing power and supports the idea of a Price Decline.

*Be on the look out for Price to Pullback to Retest the Previous High of $73,835!

*Fibonacci Retracement from Low @ $49,050 to High @ $99,860 lands our Previous Highs and Closes right around very favorable retracement levels as Potential Pullback levels as well!