MoonTrader
Short

Bitcoin support dwindling as bears prepare to charge

BITFINEX:BTCUSD   Bitcoin / Dollar
We seem to have established a floor for this support around $210 near the last area of consolidation before the big Coinbase pump. The market is now forming a massive descending triangle by making lower highs on very weak volume . This pattern will be validated if and when the price dips below intraday support at $220 again.

The market had a similar, albeit smaller, consolidation around $250 after which it made a measured move to $220, which opens up a target for this move of at least the recent lows of about $170. Given the size of this pattern, though, that may not be enough to satiate the bears' bloodlust. If the market decides to move past this area, then I've outlined 2 other target areas, the main one being Tg 3 around $90. At that point, I would expect huge volume to signal a reversal point which I suspect would serve as a long-term market bottom if we reach it.

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