CryptoFrog 🐸@CryptoFrogCalls
Bitcoin is currently seeing one of, if not THE worst capitulation events we have ever seen… 🫠
As I have been explaining for weeks now, the risk of massive downside was bound to come based on price breaking below key moving averages months ago. As a matter of fact, right when I saw the 20 EMA + 50 EMA death cross, I told everyone it was much more likely we’d see continuation lower on the macro charts.
But I don’t think anyone expected price to dump THIS hard, THIS fast… I thought we would have seen more resistance at 74k–69k, but price ripped through it like butter. Over the past 24 hours, price has fallen well over 15%, while dumping 50%+ from ATHs. It’s safe to say we are officially in a bear market.
Right now, I think we will get some relief around the 58k–60k levels, as that’s where the bottom of our GC is on the 2W chart. I truly can’t see a world where price KEEPS nuking over the next few days without any relief, but after the lower level of the GC is broken, price will likely continue to the 2W 200 EMA at 48k.
Trying to catch bounces right now is a great way to get liquidated. Literally every attempt to catch a bounce today has resulted in getting liquidated… The definition of catching a falling knife. So keep a close eye on the charts and wait for confirmation before adding to short positions OR trying to catch a relief rally 🤝
