Bitcoin is so far just following TA. Why so much panic. Thoughts on bounce area?

[thegoatiest]

Wedge target met. Bounced from bottom of channel.



If it drops out of the channel where do you suspect it to bounce?
Let's stick to the TA. Forget about Elon Musk - there is always news. always fud. The charts don't lie however.

[thegoatiest]

A closer zoom in of that channel (I readjusted it, messed it up sligtly in the first image in OP)

[Tytanowy Janusz]

A closer zoom in of that channel (I readjusted it, messed it up sligtly in the first image in OP)

If 42k wont hold (I guess it wont because there was no buying pressure at 43k, bounce to 45k is weak and with low volume - and caused by tweet) I'll be aiming for 38-40k$ range. I expect to see lots of blood in this area. Extreame fear. We will break suport from 28 FEB, we will break 40k - psychological support, we will reach -40% from ATH, we will hit 200MA on daily. At this price we will see "bitcoin is dead" articles all around the place. This will be a great bottom.

[decodx]

If it drops out of the channel where do you suspect it to bounce?
Let's stick to the TA. Forget about Elon Musk - there is always news. always fud. The charts don't lie however.

So, next targets are $58-59k and then >$70k after that?

[pawanjain]

Even I think that the $42k support won't hold long since the selling pressure is more than buying pressure.
I think if it goes below $42k then it will take no longer to fall below $35k and take a support around $32k.
Although it's just a pure speculation because nobody can accurately predict bitcoin price.

[willoweb]

I rely more on fundamental analysis than on technical analysis, although it is certainly better to combine these factors. I think that if a rather strong resistance level of $ 40,000 is broken down, we will go with the same speed with which we went from 50,000 to this level. Panic will grow and most non-professional investors, fearing to lose even more, will fix their losses. At some point, some whale will surely buy up all this free volume at a cheap price. At what level it is difficult to predict.