The big (relatively to the multi week consolidation action) decline came, catching many traders off guard as the 3 month 9,100 Support broke with stunning ease yesterday.
Even though we are not at 6000 yet as my last Bitcoin study presented as probability:
an interesting pattern has emerged.
The underlying medium term pattern on 1D is a Channel Down aiming at the 7,500 - 7,000 Support Zone. What is more compelling is the fact that this Support Zone coincides with the technical Lower Low of the pattern and a Lower Low at 7,500 would make a -29% drop from last week's high (essentially the Lower High of the Channel Down) where the 1D MA50 (blue trend line) last made contact and rejected the price.
The initial drop after June's annual high (13800) was also -29%, so I will not be surprised to see this pattern repeat itself. That is Lower Low extension to 7500, rebound towards the 1D MA50 (could be within 9100 - 9600) and then one final aggressive decline towards $7000.
Sounds crazy enough? What are your thoughts on that scenario? Please like, subscribe and share your comments, ideas and charts with me!