As you can see we have swiftly broken the biggest support cluster I've seen in BTC in years. However, it seems thag the bulls -at least in the short term- bought the dip closing the hourly candle within the support cluster. For now...
Will the bears go the extra mile to break the support and close below it?
If so, Will we find new support at our last Fibonacci level of 5400 dollar? Or will we drop even lower filling the low volume nodes all the way to 4100 dollar?
Only time can tell!
Although the bears managed to proof me wrong before, I am still convinced we are in a long term bull market since 3.2k which the bears will not be able to turn around for the years to come.
PS: For those who are following me and admired my previous idea; short term we were still able to see that the support lines and structures I drew, including the Pitchfork, were still in play, even during this bear market. Unfortunately for me and others, their influence on the market was not strong enough to change the current downtrend.
Will the bears go the extra mile to break the support and close below it?
If so, Will we find new support at our last Fibonacci level of 5400 dollar? Or will we drop even lower filling the low volume nodes all the way to 4100 dollar?
Only time can tell!
Although the bears managed to proof me wrong before, I am still convinced we are in a long term bull market since 3.2k which the bears will not be able to turn around for the years to come.
PS: For those who are following me and admired my previous idea; short term we were still able to see that the support lines and structures I drew, including the Pitchfork, were still in play, even during this bear market. Unfortunately for me and others, their influence on the market was not strong enough to change the current downtrend.