BTC has broken out to the upside from that big falling wedge with one last troll fake-break above 10k and then promptly reversed and fell down even lower than last time, and in doing so at exactly the right time and price it created a resistance line that is exactly parallel to the support, making an beautifully perfect downtrend channel down to that big support level of what could potentially be one of the largest bull flags ever in bitcoin, at around 8,200$. If this support is not broken this pattern might very well take us back up to break the 14k high and maybe then finally test the 20k all time high once more, after it breaks out in the coming weeks or months. What do you think? Will BTC fall right through all of these supports to 6k or 4k or 2k? Will it continue to test the support of the flag down at 7.8k or 7.5 and then break out to to 20k? Leave your thoughts in the comments below!
It's a no brainer it's going down to test 100 MA and who knows maybe 200 MA after that. Who knows this could go all the way back down to 6k region. This was a classic pump and dump
jambalulu
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@Michele1970, If it breaks the support then for sure it can even go to 4k in my opinion, but as long as we hold this support we can be very bullish if we come up to confirm that flat resistance and break out to the upside.
oaksacorn
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21weekly ema. 8100
jambalulu
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@oaksacorn, Yes, many important long term Moving averages around 7.5-8.2
Ritchie-Rich
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I think u are right people will start to accumulate on lower levels and then move higher
jambalulu
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@Ritchie-Rich For sure.. According to tone vays we will only be able to declare an official large scale bull market when we come back up and break the last high at 14k.. If that actually leads to breaking 20k we'll probably be set for another huge bitcoin bull bubble again for a year or two, where we surely could be going up to 45k to-80k by 2022 or something..
I wonder if the altcoin market will have another huge rally like it did last time..