btcusd daily 50% of 2023 gains gone already what's next?

11 Mar 2023

btcusd daily chart review/update. the SVB contagion spreading
fast resulting in new massive wave of liquidations of leveraged
position in crypto. 400 mln USD + liquidated last 24 hours due
to the latest sell off in crypto space, as the stablecoins, including
USDC and DAI are depegging from USD.

Bitcoin already lost 50%+ of the 2023 gains and is off to a bad start
of the month in March 2023. Trading near 20 000 USD now.
Currently price chart looks weak and it's likely that the sell off will extend.
in terms of key S/R zones below current price bulls will defend the
mirror s/r level at 19 500 USD, however if the stablecoin contagion
spreads it's unlikely that 19 500 will provide strong support.
Meanwhile, bears will target re-test of december / january lows
near 17 000 USD, so a print below this level can't be ruled out later
in March 2023.

A breakdown of recent lows near 17 000 USD will signal further
weakness and expose downside at 14 000 USD based on recent
swing high/low extensions.

Bulls should maintain a cautions position and wait for the sellside
pressures to subside before taking up and positions. I do not recommend
buying/holding bitcoin or alts after the recent sell off, as price chart
still looks weak and therefore prone to more downside in the coming weeks.

stay tuned for further updates later next week,
good luck traders!