Bitcoin lining up for another drop!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price has dropped strongly for Bitcoin since its high at 20,000 just 2 weeks ago. Now we’re seeing a strong continuation triangle pattern that suggests price could drop even further. Our major support is at 13434 ( Fibonacci retracement , horizontal swing low support, triangle formation) and a break of this level could push price down to 11172 support ( Fibonacci extension , horizontal swing low support). Our next major level of resistance is at 14757 ( Fibonacci retracement , horizontal swing high resistance).

Stochastic (34,5,3) is seeing major resistance below 99%.

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This analysis is provided as general market commentary and does not constitute investment advice.
The Segwit2X fork is scheduled 28th december. We are going past 20k tomorrow. Bitthump is already over 20k.
sorry you were wrong. we needed a deeper correction, but greed has no bounds so cannot be charted. thanks for sharing.
hello. what do you consider according to the last Hours behavior. I was reading in another trader expert opinion that a H&S Formation is coming. He says that a short could be in motion and a drop almost at 10K. What do you think for the following hours.?
Tickmill has one of the best analysis on BTCUSD on tradingview me feels.
nuzixip cigixig
@cigixig, fully agree with you on this
OK, I see a pennant formation:

The pennant pattern is identical to the flag pattern in its setup and implications; the only difference is that the consolidation phase of a pennant pattern is characterized by converging trendlines rather than parallel trendlines.

6 of 8 pennant patterns always follow the trend formation, lower highs suggest, higher price.

Right or wrong does not matter, as long as the individual(s)l conducting the analysis did not incur loses.

Considering 48% retracement: my thoughts .. institutional positions increase.

Perhaps we should be looking for a retest of that major resistance line as support. Would be a great buy-in area.
It broke major resistance, so did this analysis just didn't hold? thanks
Nice analysis - and to be fair it's in line with what 8/10 people were showing charts for (bearish drop again). Mind you, glad I thought it was a double-bottom and bought in at $12k and kept...! :)
Please continue to share charts. If everyone got it right all the time, there'd be no point in day trading.
+1 Reply
Lol. Update please :)
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