BTC: Areas of interest if price nukes lower.
Some explanations below on why I like these levels...
16.5k- wick above in early 2018, price could not hold above it for 2 weekly closes. Price also tested this level later on in late 2020.
13.7k - 1W closes again in early 2018, price found support back then around this area. Price also wicked to this as the July 2019 high after price bottomed from 3k and again tested it in 2020.
12k- A very significant level IMO, this one was v. strong resistance for literally years. Price couldnt close above this area from Jan 2018 until October 2020- wild stuff. This SHOULD be strong support if tested.
Knowing how price usually goes in these high volatility situations, it's best to bid lower than you think price will go. I long suspected 17.5k would get taken out; I just didn't know how or what it would look like. It's looking like we are seeing that sooner rather than later
For most participants, you're better off just waiting and DCA into some key levels like the 1s listed here. I don't think you should actively trade if you don't really know what you're doing (few of us do). Be patient and don't time the exact bottom IMO. Good luck.This post is based on this twitter thread.