This is a very unpopular view and I've already been told off by countless perma-bulls, but hear me out here. This is the doomsday scenario for BTC, displayed in a no-BS way. You likely haven't seen this view yet due to people not wanting to believe it can be possible, but take a look with an open mind and see for yourself. This chart highlights the possibility of continuation down from the 6k breakdown. At the time of writing, this would put us currently at the top of a large symmetrical triangle which is a continuation pattern, especially in this case where it's supported by the decreasing volume and rising RSI trend throughout. Following through with this pattern and ultimate breakdown will result in what I would start to call a bottom on BTC. Here's what I see for targets based on this:
Short term target: $3550 (Bottom bound of the triangle. We are currently at the top bound and ready to make this drop to the bottom bound. I estimate this to happen during the week of writing this.)
Full breakdown from triangle target: $1000 (Technical target, but could very well halt slightly above this such as near $1,200. This is the ultimate destination and a likely bottom.)
Timeframe for breakdown from triangle: April-June (This is a rough estimate, I mainly expect some action to occur in early May as we reach the tip of the triangle. The main fall will likely happen fast, get ready.)
These are my opinions based on personal observations, don't take my word as direct financial advice. Keep an open mind and just realize that this is a real possibility. I'll be updating this as we make progress. Good luck and be careful.
-Ethy
Short term target: $3550 (Bottom bound of the triangle. We are currently at the top bound and ready to make this drop to the bottom bound. I estimate this to happen during the week of writing this.)
Full breakdown from triangle target: $1000 (Technical target, but could very well halt slightly above this such as near $1,200. This is the ultimate destination and a likely bottom.)
Timeframe for breakdown from triangle: April-June (This is a rough estimate, I mainly expect some action to occur in early May as we reach the tip of the triangle. The main fall will likely happen fast, get ready.)
These are my opinions based on personal observations, don't take my word as direct financial advice. Keep an open mind and just realize that this is a real possibility. I'll be updating this as we make progress. Good luck and be careful.
-Ethy