After over a 300% run up this year, Bitcoin is finally starting to show some major signs of weakness.
The last couple weeks of consolidation have been brutal, showing weaker bounces and increased signs of selling pressure by breaking down trendlines that have been in place all year.
The two most recent key things to consider is the .236 retracement level has just been broken for the 3rd time, and the gods envelope cloud crossed over to bearish for the first time this year.
Looking at the chart above, I have placed two major support levels that I think may hold Bitcoin up. First of which at $8,500 where there is a major trend line from the previous top of 2017 intersecting with pitchfork level that has shown support multiple times this year.
The second of which is a additional pitchfork intersection, setting just below the .382 fib retracement at $7,834. With as much support as the recently broken .236 level had provided, I believe that if we break down the 382 level should provide strong support.
Summary:
Several incantations that a larger correction may be in place.
Key levels to look for support:
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
The last couple weeks of consolidation have been brutal, showing weaker bounces and increased signs of selling pressure by breaking down trendlines that have been in place all year.
The two most recent key things to consider is the .236 retracement level has just been broken for the 3rd time, and the gods envelope cloud crossed over to bearish for the first time this year.
Looking at the chart above, I have placed two major support levels that I think may hold Bitcoin up. First of which at $8,500 where there is a major trend line from the previous top of 2017 intersecting with pitchfork level that has shown support multiple times this year.
The second of which is a additional pitchfork intersection, setting just below the .382 fib retracement at $7,834. With as much support as the recently broken .236 level had provided, I believe that if we break down the 382 level should provide strong support.
Summary:
Several incantations that a larger correction may be in place.
Key levels to look for support:
- 8500
- 7800
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Trade active
Comment:
Hoping for a 7500 entry.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
