Prediction evidence

Cr

Michaël van de Poppe

@CryptoMichNL

#Bitcoin broke down, instead of up and it crashed to $76,000. In all fairness, with this drop to $76,000 while the largest #Crypto hack ever, I'm positively surprised with the resilience of the underlying asset. If we look at it from a technical standpoint, I mentioned that sweeping those lows could accelerate price action. I marked $78,400 and if that wasn't going to hold, it very likely cascades down a lot as there were no levels in between to $75,000. Surely, this event had enough power of crashing down the price in hours, which we've been seeing here. Overall, bearish flip at $78,000 and probably some time to be played out before markets are going back to neutral. Given that this hack has taken place, I'm still on the long side. If Bitcoin drops back to $75,000-76,000 areas, I think that we're seeing a great opportunity of longing this asset back towards the range highs (if indices don't crash down). This has been an hack within an exchange, has nothing to do with the underlying asset.