BTC Technical Analysis ALERT! : O&N CRYPTO As expected, | O&N Crypto ® Official - News, Analysis and...

BTC Technical Analysis ALERT! :
O&N CRYPTO


As expected, we have started to see a decline deeper into the major support area as bitcoin looks to break the descending channel trendiness as illustrated. This could be a result of the GBTC unlocks or/and negative market sentiment in general. However it still looks to be somewhat respecting the trend line as it briefly broke out then quickly retraced back in.

Regardless of all this, we’ve entered a zone where there isn’t really a profound support / level, its more a range rather than a specific price. With this is mind, if you plan to position yourself for a long trade, consider Bitcoins potential to wick down all the way to $28k as we have seen it do historically.

If you trade with leverage, position yourselves accordingly. Bear in mind this time, we’ve got the Grayscale unlocks which could possibly play an influential role in Bitcoins wick down or even potentially, complete breakage of this zone.

It must be known, that this Grayscale unlock doesn’t actually release Bitcoin into the supply but allows for investors to sell their GBTC shares that they used to own bitcoin. It’s this misinformation amongst the crypto community as well as irrationality that causes actual price fluctuation.