We all know that there is never a dull moment in crypto. The US Securities and Exchange Commission (SEC) has filed a secret motion against Binance. No doubt this will have some impact on the BTC price. One can imagine the longs running for cover. Some may say it is better to be out of the market. If so, where is the fun in that?
I posited a few days ago that the charts indicate a further fall; I have not changed my mind. At the time of writing, the current BTC price is $27236, down from $28184 by over $1100. In addition, the Fibonacci retracement also shows that the price has fallen through the 61.8% level, which means a further fall is likely. There is also a close confluence with the $27431 level on the volume profile with the 61.8% Fibonacci levels. When we add the Choppiness Index effect, there is still enough energy to facilitate a further fall, but these things don't happen overnight.
It should come as no surprise that the price may fall all the way down to the area of institutional buying (the blue rectangle marked on the chart). We now wait and see what happens; time is the custodian of events. Educated guesses are all we have to discuss, nothing more. An exception might be if you have a crystal ball to tell the future. If not, your guess is as good as mine.
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