Amid of global financial panic Bitcoin price aggressively attacks Weekly SMA200 and bottom triangle line of previous chart. I see this might not end as well as i thought. As bearish potential of global markets is huge.
So lets brainstorm whats gonna happen in bearish outcome.
What do we do? We suppose triangle broken downside.
This suggests FLAT correction in historical IV instead of triangle and adds at least extra year to IV to be completed.
So I transformed triangle into downward trend and turned log scale on.
I got bearish target between $1800 and $2500. In this case weekly 200 SMA will be broken and become resistance.
Many time and affords will require to break it up and make it support.
So lets brainstorm whats gonna happen in bearish outcome.
What do we do? We suppose triangle broken downside.
This suggests FLAT correction in historical IV instead of triangle and adds at least extra year to IV to be completed.
So I transformed triangle into downward trend and turned log scale on.
I got bearish target between $1800 and $2500. In this case weekly 200 SMA will be broken and become resistance.
Many time and affords will require to break it up and make it support.
Comment:
Brace...
Comment:
This should bounce up from weekly sma 200 (~5200) up to daily sma 200 (~8500). Break up of upper trend line invalidates this bearish count. I remind this is hypothetical bearish outcome of previous published ideas.
Comment:
In a case of new higher high (higher than 13 Feb 2020 ~ $10500) this bearish scenario will no longer be valid.
Comment:
This sword of Damocles still keeps odds. Watch your step.
Trade closed: stop reached:
This sword of Damocles is broken. Bearish scenario invalidated.
Comment:
Wait a minute...
Comment:
Tripple top on daily... Bearish pattern. Will trigger at close below $8000 with a target to $6000.
Comment:
Idea Ivalidated
