🅱️ Why $50,000 Will Fail As Support | Bitcoin Halving 2024

17 апр.

Have you ever seen a $50,000 Bitcoin?
There has never been a Bitcoin at $50,000!

I mean, there is no accumulation, consolidation or distribution phase around this level.

Bitcoin has only dealt briefly with $50,000; this cannot be our main support. It can be our first stop but not the main one.

Looking at this structure, the chart; it points toward a strong drop.

We can see the two shoulders of a head and shoulders pattern around 50,000 in late 2021.
This level was dealt with on the way up in February 2024 and a fib. retracement support level matches it on the way down; the 0.382 fib. which is definitely a strong one.

Now, if we look just a bit lower, we have the low 40Ks where Bitcoin produced a consolidation phase in late December 2023 and January 2024; this is a more relevant level.

👉 This range between 40,000 and 44,444 also holds EMA50, EMA100, 0.5 & 0.618 Fib. retracement levels; this is the main target.

What about lower?

Lower cannot be for whatever reason, but just imagine when the news breakout that some major city has been blown up, or the exchanges, the SEC, the banks and so on.

Bitcoin is the future of money but it still has to grow and evolve.

Growing pains? No!
A normal correction.

Thanks a lot for your continued support.

Namaste.