Hi friends! I hope you're all doing well, despite the selloff in crypto land. In case you've been living under a rock, crypto markets are experiencing heavy selling pressure, as fears over regulatory and legality crackdowns spook the market. If you've been following MPC, you know that I've been screaming from the mountain tops, that the cracks were forming in the charts. So, now that the breakdown is starting to occur, let's assess the damage, and try to determine where we go from here.
Looking at the four hour chart, we can see that the rising support level (black trendline,) was broken, as well as the critical support level (dashed red trendline.) If you remember from my prior posts, I told you that the first support level was at $11,200. Today, we actually broke below that, hitting a low of $11,064. Currently, price has recovered a bit, but that may be short lived. There is a heavy expansion in sell side momentum on the MACD, in addition to enormous sell-side volume. Also, it now appears as though BTC is forming a possible bear flag consolidation, just above the 61.8% retrace (black flag.) If the bear flag breaks down, we should finally see a sustained push below the 61.8% retrace, which will likely send BTC down to $10,600 (red trendline.) A break below that, should produce some smooth sailing down to around the 78.6% retracement level, near $8,800. Like I told you yesterday, if the "critical support" level is lost, Bitcoin is going to fall like a dead bird from the sky. Critical support was broken, and now you can see what's happening. My crystal ball never lies, people! It never lies.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the four hour chart, we can see that the rising support level (black trendline,) was broken, as well as the critical support level (dashed red trendline.) If you remember from my prior posts, I told you that the first support level was at $11,200. Today, we actually broke below that, hitting a low of $11,064. Currently, price has recovered a bit, but that may be short lived. There is a heavy expansion in sell side momentum on the MACD, in addition to enormous sell-side volume. Also, it now appears as though BTC is forming a possible bear flag consolidation, just above the 61.8% retrace (black flag.) If the bear flag breaks down, we should finally see a sustained push below the 61.8% retrace, which will likely send BTC down to $10,600 (red trendline.) A break below that, should produce some smooth sailing down to around the 78.6% retracement level, near $8,800. Like I told you yesterday, if the "critical support" level is lost, Bitcoin is going to fall like a dead bird from the sky. Critical support was broken, and now you can see what's happening. My crystal ball never lies, people! It never lies.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-