Bitcoin weekly supports

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Blue lines were drawn as daily supports at $10,000, $8,000, and $5,900.

Purple line was drawn as weekly support. This level is significant to me because it is the last support created by organic consolidation. Starting 09/25 there are six straight weeks of upside largely due to the SegWit2X speculation. Many were buying in anticipation of receiving free 2x coins and around this time we saw money flowing out of alts and into BTC (and to a certain degree BCH). When the hard fork was cancelled, there was short BTC upside before the big dump correlation with BCH. Money was very clearly flowing from BTC to BCH, resulting in an all out dump of BCH shortly after Bithumb went down on early morning on 11/12. This was blatant manipulation and I don't believe this qualifies as healthy consolidation. A fall to $4600 would surprise me but with the Tether situation and CBOE/CME futures it could be the perfect storm for a large correction.

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