Why $BTC will likely bottom at $24k 👇
Simply, $24k is the point at which it becomes significantly risky to short $BTC.
Why? Because as soon as $BTC's price drops below $24k, shorters can no longer maintain their liquidation points above the key resistance of $48k ($BTC's last swing high).
This has been the case for nearly every big crash in $BTC's history.
Here is the 1x short bounce from our all time high.
Bought @ $34.5k twice and laddered out by $46k twice.
Here's last summer's crash. Short pressure completely gone at $29k.
Here's the March 2020 crash.
Here's the 2019 Summer rally. Bottoms at the 1x short after a slow bleed down.
Here's the Nov/Dec 2018 crash.
And, of course, the initial 2018 bear market crash.
If the bears really get ballsy, they may be able to take $BTC down to $20k, using the beginning of this crash as their local high resistance point.
So... buy hard at $24k. Save a bit for $20k if you feel so inclined. Not financial advice.
These charts and the margin pressure level (MPL) tool used in them is part of the cryptostackers.pro dashboard, a dashboard I designed to make TA simple.
If you think I'm right, retweet 🔁 the top tweet.
If you think I'm wrong, comment below.
Either way, #WAGBO.
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