BTCUSDT: Short-Term Bearish Scenario $47000/$42000
For BTCUSDT short-term pullback/bearish scenario:
From the all-time high to the low on April 25th to the pump yesterday, if we draw a Fib-extension, we can clearly see 0.618/0.65 level at $47000 and 1 to 1 extension at $42000. The 0.618/0.65 level at $47000 is around the low on April 25th, which could be a good support that prevents additional drops, however, if we break $47000 then the next support would be at $42000.
As we can see the green line on the chart, the Pivot high in January would also be a support at $42000, we will also have the 200 day EMA (yellow line) as a massive support for that area. Additionally, if we draw a Fib-retracement from the end of the pullback and the start of this huge bullish run at the end of January to the all-time high in April, the 0.618/0.65 level is also at $42000 area (purple lines).
Thus, if there were a pullback/bear run in the next few weeks/months for whatever reason(could be dropping due to S&P500 correction with Fed raising rates to fight inflation, or could be some whale manipulation/fake pumps), the supports would be $47000 at first, and if that doesn't hold, then $42000 should be the next support, and this level should be a massive support with 200 day EMA/Fib-retracement/Fib-extensions at many levels.
From the all-time high to the low on April 25th to the pump yesterday, if we draw a Fib-extension, we can clearly see 0.618/0.65 level at $47000 and 1 to 1 extension at $42000. The 0.618/0.65 level at $47000 is around the low on April 25th, which could be a good support that prevents additional drops, however, if we break $47000 then the next support would be at $42000.
As we can see the green line on the chart, the Pivot high in January would also be a support at $42000, we will also have the 200 day EMA (yellow line) as a massive support for that area. Additionally, if we draw a Fib-retracement from the end of the pullback and the start of this huge bullish run at the end of January to the all-time high in April, the 0.618/0.65 level is also at $42000 area (purple lines).
Thus, if there were a pullback/bear run in the next few weeks/months for whatever reason(could be dropping due to S&P500 correction with Fed raising rates to fight inflation, or could be some whale manipulation/fake pumps), the supports would be $47000 at first, and if that doesn't hold, then $42000 should be the next support, and this level should be a massive support with 200 day EMA/Fib-retracement/Fib-extensions at many levels.
