Right now BTC seems to be at the crucial crossroad again. There is an increasing support line wich we hit a couple of times on the ongoing decline.
There are 2 possible scenarios:
1. GREEN: BTC bounces successfully from the orange support line. Due to the fact that this forms sort of a wedge with the lower highs of the last decline wich is coming to it's tip we can expect another huge price move. Allthough both directions are possible I'd say UP is way more likely.
2. ORANGE: BTC won't bounce of the support. Well then this means the end of the overall bullish crypto market for some time. Then it seems like everything south is possible.
Personally I think BTC and the whole crypto market got way too big to crash and burn like this so I see an overall positive outcome. MACD shows divergence between the lower highs wich supports the theory while higher lows are backed by MACD higher lows.
What do you think?
Please comment down below or leave a like if you agree.
Thank you!
__
Only my thoughts trade on your own risk
There are 2 possible scenarios:
1. GREEN: BTC bounces successfully from the orange support line. Due to the fact that this forms sort of a wedge with the lower highs of the last decline wich is coming to it's tip we can expect another huge price move. Allthough both directions are possible I'd say UP is way more likely.
2. ORANGE: BTC won't bounce of the support. Well then this means the end of the overall bullish crypto market for some time. Then it seems like everything south is possible.
Personally I think BTC and the whole crypto market got way too big to crash and burn like this so I see an overall positive outcome. MACD shows divergence between the lower highs wich supports the theory while higher lows are backed by MACD higher lows.
What do you think?
Please comment down below or leave a like if you agree.
Thank you!
__
Only my thoughts trade on your own risk