Point and Figure,3 Box,Tentative Bearish Count for Bitcoin.

PnF way of forecasting the potential extend of the current move. Interesting to see how reliable/accurate this forecast may turn out to be ?

Comment:

A sharp V REVERSAL may sum the recent decline. Most recent lowest low may hold the key.

20 period daily SMA (simple moving average not shown) on a bar/candle chart has been a short term hurdle so far for BTCUSD. It gets hit on the head on any re-test so far at least. Expectation may be to see a drawn out potential trading range until a decisive move out of the anticipated pattern. Breakdown may suggest further downward pressure towards the bearish Point & Figure objective as per prior post, if on hand off course.

Analysis continues....

Comment:

A decisive breakdown at current support (follow-through required) should enable us to take another bearish count, if confirmed.
Unfortunately software does not update the PnF 3 box chart published .
This UPDATE is for educational purposes only. NOT TO BE TAKEN AS A FINANCIAL ADVICE.
Analysis continues....

Comment:

For EDUCATIONAL PURPOSES ONLY and NOT TO BE TAKEN AS A FINANCIAL ADVICE.The bearish target from this chart is now almost reached.Sign of interest has now emerged with potential selling climax in place. See hourly bar chart published earlier which may hold the key in what unfolds from here on.