The pitchfork has been drawn on the daily time frame and I've looked at current price action on 4h/1h spotted a pretty clear desc triangle which makes sense in what we're currently seeing here also...We have had one waterfall down and usually we will see multiple of these before we establish some sort of bottom and consolidate...in terms of targets it's quite hard but I'm thinking there is a very high chance we see 6k levels and I doubt we can break through the mean of this pitchfork which is getting lower and lower the more we descend, I expect to see bearish price action for the coming months and it could lead into next year for quite some time(Jan/Feb) unless we somehow bottom fast or just rocket up which I would be very surprised if we did although that is always a possibility in this game. Normally in these scenarios most ppl jump in too early and it can be quite devastating to their average price as they watch price continue to go lower after they buy in...don't rush be patient the market will reveal it's hand in time gl.
Comment:
Trying to test the mean of our pitchfork channel around 8400-8500 zone...I expect we fail here and fall back down but if we do however burst through 8500 zone with volume there is a good chance we can test 9-9400 levels gl! still bearish though.