Price action seems pretty weak and history is likely to repeat itself. I project more buyers coming in only to be let down once again for another leg down. Let's see how this plays out.
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A trend line retrace would put us back on the pre mania wave growth course.
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Happy Sunday everyone. I hope everyone had a good weekend and is enjoying their pre super bowl parties so far. We can see that the chart is playing out nicely and is confirming buyer weakness. Even though we see the price going down there is still a high probability that we recover some tomorrow. I would say there is a good chance that we keep working our way sideways along the 11º line I placed on the chart until it reaches the purple downtrend resistance. This line was a measured angle from the two previous bear flag formations above it. Once we reach the downtrend channel resistance rejection is highly probable. When we reach the trendline it would be a great time to buy your favorite altcoin for a higher percentage gain than just only holding a bitcoin for minimal upside. Once you sell that coin for profit you will have a great hedge against another possible BTC drop. I hope this info is helpful. Enjoy the Super Bowl! This is the same comment as the one below and I am talking about the chart below... I keep accidentally putting the updates in the comments section instead of the update section.
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There is a head and shoulders pattern forming with this nice drop. The measured move for another drop is pointing right to the 100% mania wave retracement. Let's see how this develops. Happy Monday!
Targets lower than the 200 day moving average include the trendline “blue line” and the 100% wave retracement line “red”
UnknownUnicorn1506039
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Happy Sunday everyone. I hope everyone had a good weekend and is enjoying their pre super bowl parties so far. We can see that the chart is playing out nicely and is confirming buyer weakness. Even though we see the price going down there is still a high probability that we recover some tomorrow. I would say there is a good chance that we keep working our way sideways along the 11º line I placed on the chart until it reaches the purple downtrend resistance. This line was a measured angle from the two previous bear flag formations above it. Once we reach the downtrend channel resistance rejection is highly probable. When we reach the trendline it would be a great time to buy your favorite altcoin for a higher percentage gain than just only holding a bitcoin for minimal upside. Once you sell that coin for profit you will have a great hedge against another possible BTC drop. I hope this info is helpful. Enjoy the Super Bowl!