BTC broke below 69K, how much does the situation in Iran affect us?

Yesterday it was still above 70K, today it broke below 69K.

BTC: $68,601, down nearly 2%. ETH is worse, down nearly 3%.

Why?

The situation in Iran has escalated. Israel is striking Iran, and Iran has threatened to block the Strait of Hormuz.

20% of the world's oil passes through this strait. When oil prices rise, inflation increases, and the Federal Reserve dares not lower interest rates.

Key levels

BTC support: 68000 / 67000

Resistance: 69500 / 70000

What does the Vegas Channel say?

4H level: Price is below the channel, bearish trend.

1D level: The channel is tangled, fluctuating.

The channel doesn’t lie—prices are below the channel, don’t catch the falling knife. The channel is tangled, wait for direction to be chosen.

What does this mean? Trade with the trend, surviving gives you a chance. Gambling against the trend will eventually lead to zero.

My view

This drop caused by geopolitical issues has been seen too many times.

In March 2020, it dropped from 8000 to 3800. Six months later, it rose to 12000.

In February 2022, it dropped from 43000 to 34300. Two years later, it returned to 70000+.

It's always a drop first, always panic. Then liquidity comes, and then it rises.

War will always end. After it ends, liquidity will come. When it comes, it will rise.

What to do now?

Wait.

Wait for the Vegas Channel to turn bullish before making a move. Going in now could easily get you buried.

History will speak—catching the bottom too early can easily lead to losses at the bottom.

What do you think will happen in this situation? Let’s chat in the comments.

#BTC #IranSituation #VegasChannel