BTC dumping once again. Where is bottom? Anyone's guess is as good as mine.
Here are some potential areas of support.
Linear regression since the ATH forms a broadening wedge. The bottom support zone is near 20k. Adding a volume profile you can see that not much buying was going on in this zone either. Could be coming to retest last bull runs ATH of 20k.
BTC is completing a very large head and shoulders. A daily candle below 30k all but seals it. Taking an equal move from the head to the bottom of the shoulder would take us near 13k.
Either of these seem likely to me. May take weeks or months for us to reach bottom.
Here are some potential areas of support.
Linear regression since the ATH forms a broadening wedge. The bottom support zone is near 20k. Adding a volume profile you can see that not much buying was going on in this zone either. Could be coming to retest last bull runs ATH of 20k.
BTC is completing a very large head and shoulders. A daily candle below 30k all but seals it. Taking an equal move from the head to the bottom of the shoulder would take us near 13k.
Either of these seem likely to me. May take weeks or months for us to reach bottom.
