Hello everyone, How are you all? I hope everyone is fine and doing great in their life.
The entire crypto market is wrecked, and we saw Bitcoin falling below $119k, which created panic among a lot of people. But let us understand if there is actually a need to panic right now, because Bitcoin is currently trading below $118k, which is around $9,000 down from the recent all-time high above $126k.
So, obviously, people might be wondering if Bitcoin has already found its top and whether there will be no more gains in crypto now.
To understand that, we are going to analyze the market using the same chart that I always use.
Now, let us zoom in on that chart a little more to have a clear picture of what is happening right now. The blue resistance line was broken, and after that, we created an all-time high for Bitcoin at $126.4k.
After that, Bitcoin came down to that same resistance line, which acted as support. But not only that, we also lost the second support, which was around $118k, and now we are testing the third support at $117.1k. If we fail to hold this level, there is a chance we could go even lower.
In the screenshot below, you can see that $115.5k is the next support level. So, if we lose the current support at $117.1k, Bitcoin will likely test that $115.5k line. However, this does not mean that we are entering a bear market, because the strength of Bitcoin cannot be decided based on just one day’s move.
This was a heavy liquidation event for sure, so we have to wait for a few more days before making any statement about whether the bull market is actually over.
Personally, I think the bull market is not yet over because the money flow is still pending, and there are a lot of positive events expected in the coming months, especially the two upcoming rate cuts, which I believe will be the most profitable news for the market.
So that’s what I think about the market right now. After analyzing Bitcoin, I believe there’s no need to panic. Maybe this is actually the opportunity to buy your favorite tokens.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here. So, I first opened my Golem Overlord base, and there you can see a 500 server error, which means the game is not playable at the moment.
In the screenshot below, you can see that the Terracore base is working fine, so I used my attacks there. I had 5 attacks collected, and together they brought 477 scraps to my base today. One of the attacks, as usual, got successfully dodged, but that’s okay, I am still happy with the overall result.
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
