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Bitcoin (BTC) Weekend Meltdown and What It Could Mean Next

Bitcoin (BTC) Weekend Meltdown and What It Could Mean Next

Paul Robinson, Strategist
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BTC/USD Technical Outlook

  • BTC/USD puked on Saturday
  • Support levels not far below

BTC/USD got ripped hard on Saturday, selling off the most in a single day in quite some time. The move had a capitulation like feel to it that could mean the majority of the decline is over, but it doesn’t necessarily mean BTC is in the clear yet for a new leg higher. In the video I discussed a couple of scenarios that traders can consider that could shape their trading bias. One involves negating the down-move and advancing a bullish bias sooner rather than later, while another entails testing support some more. The only scenario where the BTC outlook significantly changes for the worse is if support in the 41/38k area breaks.

BTC/USD Daily Chart

btc/usd daily chart

BTC/USD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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