For me, it's obvious the 7400 level is where this downtrend will stop. Let me explain you why :
First, we have a descending triangle, which is a bearish pattern and has a higher probability to break to the downside. It is making lower lows and trying to test the support now for the 4th time.
Then we have a very good support around that level, many bottoms and tops along the chart
Finally, it is perfectly in the 0.618 fibonnaci zone.
And of course all indicators (good ones and even bad ones ) are bearish
For me, I would like BTC to go up and I think it will in the long term, but there is just too much coincidence for BTC to crash to the 7400 levels
Dont follow your instinct, follow the graph and the price. By looking only at the price and not your own emotions, you can see where it is going because the chart is just a collective thinking of all the people and bots that are in the market, even the big whales.
I have a private found and I'm currently developing a revolutionary strategy which currently was used for some ideas and was 100% correct, I will continue to post ideas so follow me if you want to get as accurate as possible and please drop a like. I would like to reach the top charts of the day at least and be in a position where people that are debutants could see a trader which has years and thousands of hours of experience :)
First, we have a descending triangle, which is a bearish pattern and has a higher probability to break to the downside. It is making lower lows and trying to test the support now for the 4th time.
Then we have a very good support around that level, many bottoms and tops along the chart
Finally, it is perfectly in the 0.618 fibonnaci zone.
And of course all indicators (good ones and even bad ones ) are bearish
For me, I would like BTC to go up and I think it will in the long term, but there is just too much coincidence for BTC to crash to the 7400 levels
Dont follow your instinct, follow the graph and the price. By looking only at the price and not your own emotions, you can see where it is going because the chart is just a collective thinking of all the people and bots that are in the market, even the big whales.
I have a private found and I'm currently developing a revolutionary strategy which currently was used for some ideas and was 100% correct, I will continue to post ideas so follow me if you want to get as accurate as possible and please drop a like. I would like to reach the top charts of the day at least and be in a position where people that are debutants could see a trader which has years and thousands of hours of experience :)