There was a major resistance zone around 6400 and Bitcoin broke through that zone. What happens is that resistance zone now becomes support. You could see the price slowing down around the 8500 mark and going to reverse. A day before this big drop the whales put all the orders in the Bitcoin Shorts and then today sold and re-bought near the support zone! This is all basic trading and ta.
1 - Current top 8500
2 - Pullback 6400 zone area (this previously acted as resistance and now acts as support zone)
3 - The target is the top of the falling wedge pattern. Which is roughly 11500 level (blue zone area)
This is a weekly bitcoin chart pattern, as it's on a longer timeframe these patterns have more weight than lower timeframe patterns.
1 - Current top 8500
2 - Pullback 6400 zone area (this previously acted as resistance and now acts as support zone)
3 - The target is the top of the falling wedge pattern. Which is roughly 11500 level (blue zone area)
This is a weekly bitcoin chart pattern, as it's on a longer timeframe these patterns have more weight than lower timeframe patterns.