BTCUSD: Long Side Squeeze at the 30K Corral

BTC/USD – Charts & Analysis

The chart above shows a solid Selloff from
- Dec ’21 thu Jan ’20 prior support turned resistance circa $47,500
- March ’22 saw a retest of this level along with the 200 DSMA
- The last two months of trading has seen a $20K decline in BTC
- My ChartPartner Console (top Left) shows BTC
  - 3.3% down on the day
  - 32.1% down on the rolling week
  - 33.5% down on the rolling month
Tuesday of this week saw price test the $30K key support level.
Yesterday (Wed) saw price breach $30K
Today (Thurs) sees price dip below the Jan ’21 low of $27750
Price has since retraced back above this level, but as I write I see price again dip below this next psychological level.
ADX: We see sellers massively in control with a trend strength above 35
Stochastics: Seen oversold, slowing slightly as the market ascertains the significance of the $30K/$27750 handles

Scaling out to the weekly chart we see the bigger picture
Below the ’21 low of $27750 we see very little by way of obvious support until the $12500 handle
ADX: Again we see sellers not just in control but gaining strength
Stochastics: Simply put, Stochastic remains oversold

The current narrative is undoubtably to the downside, with sellers in control of both the daily and weekly charts
The market appears to acknowledge the significance of the $27750 handle; whether this acknowledgement restrains the selling frenzy remains to be seen
Today’s feverish Diamond hands / HODL mentality (hold on for dear life) is being tested to it’s limits throughout this long squeeze

I do not actively trade Cryptos
I monitor Cryptos for a couple of reasons:
- I have many clients who do trade/hold Cryptos
- Partly for entertainment value
- But mostly because I’m a professional markets analyst, it’s what I do