$BITCOIN - We Have Lots of Reasons to DUMP!

In the previous global idea, we have already considered this situation, but something has changed since this time. The price has already tested the downward resistance and this fact gave us a lot of useful data.

On the 1D Bitcoin chart, we can see a formation of the bearish triangle. There is ascending support - the level which has saved the price from further dumping thrice. But we can also see a descending resistance from which the price has rejected four times. In such cases, we usually see a further decline of the price.

If the price dumps lower than the bottom of the triangle, then we need to wait for another bottom in the range of $8270 - $8300, because it is one of the strongest support now. In the case of the breakdown, this zone is perfect for opening a LONG position.


Oddly enough, the local market situation is also on our side. The previous local idea worked out perfectly: the market reached the expected support level. Now, looking at the 1H BTCUSD chart, we see a clear breakdown of the ascending support level and fixing the price lower, after which the market returns to the ascending channel.

Further, being above the support zone at the level of $10060, the price sought to correct the fall. As a result, we've seen a pump from $101100 to $10600. One way or another, the goal of the downward movement is to update local low levels. The first stop will be global trend support, which is located in the area above $9640. There we will decide whether the price goes downward immediately, or in a week.