Hi everybody! Looking at the daily log chart of BTC and drawing some support lines reveals something very interesting... it doesn't appear that there is much support until we get significantly lower in price. Many traders eyeing the inverse H&S, and it definitely is there but I don't think it will hold up. Part of the reason is that there were many people waiting for this pattern to play out, and it did, however I don't see the buying you would expect to see if this were a bottom. If the low 6's were a steal, it wouldn't stay there long. Also, in the past some of the best times to buy were on days when the price was crashing hard, FUD was taking over, and it was downright scary to be a buyer or long in the market. We are not currently in that type of environment. I don't see the bottom being a low volatility event. I think the price will crash hard, and then when it gets low enough, the buyers who are waiting on the sidelines right now will step in and the price won't stay low for very long. We could see a day with a 1,000+ down and up reversal. This market is about energy, kind of like a tug of war between the bears and the bulls. You can see my green and red arrows showing this upward and downward force. I don't think anything spectacular will happen until we reach the apex of this triangle. Of course it is possible that the price would break down at that point, but I don't think anyone things that would happen. Anyways, those are my thoughts right now, and I wish you all the best!
