BTC pierced its support on the bluetrendline drawn above. it is no longer valid and will send us down to the next confirmed trendline which is in the 4k-5k range depending on when we reach it. this is the trendline to watch as it is the trend started before parabolic moves.
it may go up to 6900 and maybe even 7400. this chart is not invalidated until BTC crosses past 7500 and out of the downwards channel.
Until then, down we go folks.
it may go up to 6900 and maybe even 7400. this chart is not invalidated until BTC crosses past 7500 and out of the downwards channel.
Until then, down we go folks.
Comment:
s3.amazonaws.com/tra...shots/p/pKiv0XDh.png
zoomed out view showing trendline support as it connects each dip
zoomed out view showing trendline support as it connects each dip
Comment:
s3.amazonaws.com/tra...shots/q/Q6wGOTAj.png
tentative first support around 5k. the longer we wait to dip, the harder the dip.
tentative first support around 5k. the longer we wait to dip, the harder the dip.
Comment:
Bitcoin made some moves yesterday and pierced the resistance northward. no where near as much as it pierced the support. I still believe downward movement will be likely as the 4 hour RSI and MACD turns down from this double top formation. but remember to trade the breakouts! if BTC can sustain and close above this orange line at 6800 it becomes very bullish.
until it happens, im bearish.
until it happens, im bearish.
Trade active:
Bitcoin loves to tease. it broke out of its longterm orange channel line but could not break its most recent trendline(red). fake breakout leads us to a crash to 6100. now the price may drop or retest orange and maybe even red before dropping further but at this point 5k range is way more likely than 6.3k+.
zoomed in view