TA is for probabilities. Nothing is certain, and no one should actually take anything here or on any of the graphs take for credit. DYOR. Read - a lot. Find what fits best to your way of trading. Be open to comments conflicting with your own view.
Assumptions:
1) BTC is in a bear market
2) BTC is not going to zero
3) Every bear market needs eventually a bottom; 6K was the bottom? Trend line seems to confirm
4) Daily it looks like a double bottom has formed/is forming (next 72h will confirm)
5) FIB confirming levels of support and resistance.
If the double bottom is indeed the case here we would see a bounce to 8800-8850; and from there eventually going to 11100-11500. If the latter happens, we would also half way in break the bear trend line and puts BTC up for a potential new bull rally.
Could we break down further? Absolutely, but at this moment, only if (in my view), there is a news catalyst to do so.
Assumptions:
1) BTC is in a bear market
2) BTC is not going to zero
3) Every bear market needs eventually a bottom; 6K was the bottom? Trend line seems to confirm
4) Daily it looks like a double bottom has formed/is forming (next 72h will confirm)
5) FIB confirming levels of support and resistance.
If the double bottom is indeed the case here we would see a bounce to 8800-8850; and from there eventually going to 11100-11500. If the latter happens, we would also half way in break the bear trend line and puts BTC up for a potential new bull rally.
Could we break down further? Absolutely, but at this moment, only if (in my view), there is a news catalyst to do so.
The double bottom outlined before, is not longer in play. We may still see a double bottom, which is visible on the weekly - however, important is the closing of the weekly candle around 7900 for this pattern to work out.
5950 is the bottom we could hit, but I expect a bounce and expect a green daily candle tomorrow (hopefully around 7700).
(www.tradingview.com/x/iK5tDyMq/)