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.
With the market making higher highs and higher lows now, the bearish model appears to have been invalidated. Now watching $240 for confirmation of a bull run.
UncleBen
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You have no idea. I will squeeze your shorts so hard you'll have to take the bus to work
MoonTrader
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lol... are you supposed to be a parody of something?
LastBattle
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Hi Magnus™TradingGroup :)
vortexspaces
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clown.
boblovelily5597464
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huhu
Omarli
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agree +1
LastBattle
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a possibility... agree
HenrikLolsor
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If we were to hit $90, would you expect it to be a flashcrash or do you think we would hang around that area for a while?
MoonTrader
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If there is a reversal, it's usually pretty quick. The market may come back to that area and subsequently turn around, but it's safe to say the market is not going to hang around there long if it is going to reverse.
With the market making higher highs and higher lows now, the bearish model appears to have been invalidated. Now watching $240 for confirmation of a bull run.