Coming from the previous chart I made, BTC not only hit the 8500 USD support but also broke through other major supports falling to under 7000 USD.
This brings me to the next observation that BTC has only broken down the weekly 30 MA during the 2014 bear market where BTC dipped from 750 USD to 150 USD. Now, we broke down the weekly 30 MA as well.
Looking at the parabolic trend channel, we had touched the resistance of the channel and now we are slowly testing the support. Going below the support of this channel would further confirm that there seems to be a long bear market looming.
This brings me to the next observation that BTC has only broken down the weekly 30 MA during the 2014 bear market where BTC dipped from 750 USD to 150 USD. Now, we broke down the weekly 30 MA as well.
Looking at the parabolic trend channel, we had touched the resistance of the channel and now we are slowly testing the support. Going below the support of this channel would further confirm that there seems to be a long bear market looming.
Comment:
BTC held the support of the parabolic channel so far, waiting for weekly close to decide the trend and the direction