Has Bitcoin staunched its bleeding, or can further downside be expected - Aliens: AI Crypto News & Markets Updates
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Has Bitcoin staunched its bleeding, or can further downside be expected

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AMB Crypto

Thu, May 19, 2022

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Aliens TLDR

As per the charts, we can see that when Bitcoin broke above the $44k mark in February 2022, and simultaneously set a series of higher lows, the technical structure had a bullish bias to it, and it was expected that the $48k would offer stiff resistance to BTC on its way up.

In April, Bitcoin saw a slow bleed from $45k to $37.9k, and in May there was a free-fall beneath the $40k area, and a drop as far south as the $26k-$27k levels.

The CMF also pushed above -0.05 recently but it has remained below this mark for a good portion of the past six weeks, showing significant capital flow out of the market.

The $30k and the $24k area could be great opportunities to buy Bitcoin for a long-term investor.

However, another drop below the $30k mark can not yet be ruled out, and investors must make plans for such a price drop

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. Bitcoin fell beneath the $20k mark in recent hours. The failure of the bulls to defend both the $20.8k and the $20k levels indicated that sentiment was still strongly fearful in the […]
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