Up, down - A spike... And then another spike! Yesterday we saw how people were getting their hopes back - we had something that could have turned into a real reversal, were taking form, BUT then... A BIG price drop once again, which made an immediately failure! News about Goldman Sach's telling we might go under 6,000 USD, other rumors about Mt. Gox might be selling thousands of dollars again in the near future, has ONCE again created a lot fear, uncertainty and doubt (FUD) in the market.
Let's take closer look at the 4h BTCUSD Chart, and see, why we are in such in big troubles at the moment. As you can see, a bear has now taking form, which predicts we will go lower if the bulls don't manage to price higher quickly. We have found support on the downtrend support line, but we are indeed on thin ice.
A MACD-Cross is about to happen, the is not showing any signs to make higher highs. FUD is in the air, and it's very unlikely that we have a lot of bulls out there who truly believe we will go into a reversal soon.
D4 thinks it's most likely it just will be a matter of time before we will fall trough and back in the due to the . To make things even worse, we will hereafter face a big which probably will take us even lower.
At this moment everything is pointing in the direction that we have to go down do at least 7,200-6,900 (which is equal to a on 78,6 %) and test this zone of support.
Lastly but not least, D4 wants so say, that people don't have to worry if this is the end of Bitcoin or crypto. We will go up again. Due to the crazy parabolic run we had in December and all the FUD lately, we just need a correction before we will have a reversal.
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If you pay attention to the last 3 candles, 2 of them have been indecisive and last one, which is bullish, have only half the volume of MA20.
Usually in these situations the bulls will be exhausted, and another flag pole will take us even lower.
But the bulls have to act very soon. To their advantage they have rejected a bear cross not long time a go.
It will be exciting to follow :)
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I have tried to illustrate on the right side of the flag, what usually happens, if we go sideways or just a bit up and make higher highs, but also higher lows even quicker. As you can see it will turn into an ascending wedge, which is a bearish pattern, why we will also here will fall through.
D4 will follow up on this later. And guys, remember - it's Wednesday to day! It will be EPIC <3
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