snookerer

Bitcoin has started it's descent!

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The white line marked with a white arrow is the center line in a schiff pitchfork connecting the 2014 and 2019 bear market. This line played a role as support before our drop from 6k to 3k, and it is currently playing a role as very strong resistance. We have hit this line twice now and price has failed to break through. Within that same pitchfork just one line below you can see how it is also playing a role as support and resistance . As you can see the purple fib circle is currently acting as support, notice how the candle wicked down to it then bounced. I think this purple fib circle will basically be our only support on the way down. I am expecting us to make contact with the green fib circle soon and when that happens either we will bounce and stay above which will be bullish ... Or we will fall through setting new lows in the 2k range. Since that white line has played such an important role in price action and because it has yet to be broken after being tested twice now, I believe we are topped out and this first drop is just the start of a bigger drop to come.

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