The implied center of gravity (shown in the graph) is still the effecting force as BTC didn't complete the bearish pattern. Previously, I expected a fall to the 30K line (where we are right now, more or less), followed by a flattening and then an eventual rise. Falling to 20K was the worst case scenario I estimated. Now, however, the price and volume changes of the past few days are on the fainter direction, and another slip seems imminent giving the momentum of the free fall of the past 2 weeks. The support level is clear at 20K through the POC and the horizontal range. I expect a quicker slip rather than a delayed one because the harmonic patterns are indicating so. If the price falls to 20K in the coming days, as I expect, it should be followed by a period of flattening for the RSI to cool off before the next bull. This should take a few months.
We already missed the springing point of 40K as the lower support, so the people who are dreaming about 300K very soon are just delusional.
We already missed the springing point of 40K as the lower support, so the people who are dreaming about 300K very soon are just delusional.
