You can see BTC has broken the giant triangle on log chart. If we cannt see a strong bounce today, we may see a catastrophic drop coming.
By the way I have been 20x shorting it since it broke the symmetric triangle yesterday. My opinion might have been biased by my position.
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It hasn't broken the triangle on the normal chart. But personally I think log chart is more indicative for a larger time scale. Good luck!
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I have bought 20% of my spot coins holding around 6700.
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It will likely break the new low 6614 to trigger panic selling. But I think the local bottom which will bring us back to 8k+ is very close.
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I am laddering buys between 6200 to 6600. Since I am still holding my short position, I do not have much risk buying now. I think the bottom is very close and any buy right now will bring good profits in the following days.
Your support line isn't correct, it's lower than you've placed it.
For today we can go as low as 7350 without a problem.
Callmepope
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@Memnon, I used Mar. 25th low $888 and the recent low $7240 on log chart to make my trendline. You may have different conclusion using different method. Thanks for the comment!
For today we can go as low as 7350 without a problem.