Bitcoin Fell Into The Rabbit Hole of Cryptoland!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So what's new in Cryptoland? Well, our favorite crypto, Bitcoin , has broken down from the multi-year bullish trend line and is now officially in Bear territory. If you have followed me from my previous chart, you should know that we have also fallen out of the previously mentioned purple bearish channel . I had estimated that a fallout from that channel would drag price down to 6000.

The thing is... Bitcoin has now fallen into a much larger bearish channel and it looks like it is moving down to test its bottom. I am "guessing" that is somewhere around 6800. Indeed, the bearish sentiment in Cryptoland has forced Bitcoin to fall from one rabbit hole down to another. Unfortunately, the Hypnic jerk sensation never ends for us traders. Now the question is - Will Bitcoin choose the Eat-Me Cake or Drink-Me Potion?

If Bitcoin eats the cake, it will grow large but its head will be stuck against the ceiling at the 7000 support-turned resistance level . On the other hand, if Bitcoin drinks the potion it will shrink down to as small as 5500. This is not a market to trade so let's just grab our popcorn and enjoy the show.

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Comment: Looks like another analyst shared the same idea of a possible drop to 5500 -
wow, never thought i'd see this type of projection a month ago, I mean the bulls were everywhere, a small pullback and up, thinking now that your bottom channel will be tested. have u listened to the guys on CNBC, saying bitcoin cash was a buy 200 dollars ago.
bibboyne TomPower
@TomPower, i think buying bitcoin cash now or a week ago is still considerably cheap in the long term if you look at far up it will go. My guess is 3-4k easily in the coming months. Thanks for commenting.
+1 Reply
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