BTC 1.86% broke out on its initial descent through the first symmetrical triangle in an uptrend that ended up coming to an end and signaling a massive downtrend reversal.
As we can see we are clearly in a downtrend as we are continuing with lowers highs and lower lows. Until the next high is broken we will continue down the . So far we have found support at the next which is close to $6600. We bounced right off of it thankfully, otherwise we would've seen a further fall. If we can consolidate here there may be potential to break the and begin a new cycle by breaking resistance at around $9400. In addition, so long as it does not go below the , a little consolidation, and we could break the triangle in an uptrend as well. Obviously, falling below this puts us at the next one, and so on and so forth. Personally, I do not foresee us reaching close to the $3000 level as that would likely confirm a crash as miners would need to halt their operations as they would face significant losses.
Pay close attention to BTC 1.86% over the next few days, but also the stock market as it seems the global markets in general are in a downtrend after record highs. The stock market might directly correlate with BTC 1.86% , and it has taken a tumble dropping close to 1200 points today, the highest it has ever been since the previous rescission in 2008. If the stock market rebounds, I expect crypto to rebound. If it continues to descend, we may be looking at lower lows.
I am not a financial adviser, this is not financial advice. This is an educational chart. Please do with it what you must. Any constructive feedback is greatly appreciated! Thank you!