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GeNNy_
Dec 8, 2019 8:46 PM

BTC at the verge of a big breakdown Short

Bitcoin / United States DollarCoinbase

Description

At the moment, a similar 100EMA versus 200EMA pattern has been formed with June 2018 on Daily. When 100EMA broke below 200EMA, the BTC price was at 7700s almost exactly the price that we see today. Given that Longs loaded up, there might be a fake out from the current bear flag with a pump which might go as high as $8800 where we see 0.61 FIB acting as resistance. From there, I expect a big price move downwards to $4500-$4700 (depending on timing) which is likely to be the bottom of this next bear move.

Note that I mostly perform charting based on D, 3D, W price action.

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