We're on The Verge of A Panic Selloff — BITCOIN! (BTC)
Bitcoin may be on the verge of devastating declines. As you can see, we're back inside of the apex of the descending triangle that I have covered for several months. BTC has produced a decisive break below the rising black trendline, and the sellers are trying to push down below the bottom of the symmetrical triangle. If BTC does break down below the triangle, prices could fall to $4970. Below there, we could see a catastrophic slide to $3,000, which is a level that I have been warning about for at least six months now. The sell volume is rising, and the sell-side momentum is expanding dramatically. If BTC doesn't hold this area, prepare for heavy declines in the crypto space.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Comment:
BTC is now breaking down below the bottom of the triangle, on high volume.
Comment:
BTC is getting a small bounce now. You can see that it's rallying back into the triangle. However, if BTC makes it's way up to the top of the triangle, or the bottom of the black trendline, and then rolls back over to the downside, that will be a sell signal from HELL! So, on the short side, I'm looking for BTC to rally up to those levels, and turn away, defining them as resistance. From there, (for educational purposes only) short trades can be opened, with stop orders just above the aforementioned overhead resistance levels (around $5910.) It's recommended to only execute such a trade, once BTC has rolled back over to the downside, thus confirming the overhead resistance.
BTC is getting a small bounce now. You can see that it's rallying back into the triangle. However, if BTC makes it's way up to the top of the triangle, or the bottom of the black trendline, and then rolls back over to the downside, that will be a sell signal from HELL! So, on the short side, I'm looking for BTC to rally up to those levels, and turn away, defining them as resistance. From there, (for educational purposes only) short trades can be opened, with stop orders just above the aforementioned overhead resistance levels (around $5910.) It's recommended to only execute such a trade, once BTC has rolled back over to the downside, thus confirming the overhead resistance.