The crypto markets, which experienced massive manipulations due to Elon Musk and most recently Vitalik, started the day with a big downward movement.
Bitcoin, which closed with a 12% drop on May 12, broke its support of 52,500, and continued its decline in the first hours of the day. Although there is some recovery movement with the reaction from the support in the 46,600-48,000 region, the indicators for BTC are still that the danger is not over.
The rising trend support from the December 2020 period, which was formed by breaking the ATH resistance at the level of 20,000, was realized with a breakdown of 52,500. With this break, BTC, which has entered the retest phase of trend support, will either return to the trend or a sag will occur to 37,400, which is a lower trend level and started in October 2020 and is currently acting as a support.
If we look at the full side of the glass, we can say that the support of 46,600-48,000 has been tested regularly since February 2021, and it is creating a double bottom in the daily charts. Breaking the double bottom resistance at 56.200 levels can turn all the arrows into the pursuit of this formation. The ATH region of 64.000 can be seen as the target of this double bottom formation.
General explanation: What is discussed here is “Not Investment Advice”. Before investing in anything, do your own research.