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Warning! Touch of 215-223 Area for a 4th Time can trigger Doom

BITFINEX:BTCUSD   Bitcoin / Dollar
An warning update on my previous chart from a 2-3 weeks ago roughly, we see that BTC decided to delay the inevitable by not touching down a 4th time at the time I published my initial chart back then. Instead it decided to consolidate furthermore and attempted a break out again only to be stopped at the top of the downtrend channel outlined on my chart by the red line.

The demand is so low for BTC that market makers could not push it to regain 250-260. The bearish magnet effect is clearly seen and BTC will touch for a 4th time and wash down within the next 72 hours most likely. See annotation on chart as usual! Please zoom in to see all the levels properly.

This level is really dangerous to trade, you can just wait for the wash-down or short and sit down and watch the show. But I have outlined additional scenario in case we do get a bounce from 210-216 level. If the bounce does occur then we will retest 228-232 then drop in total capitulation down to156-180 initially (a bounce not shown on the chart is very possible from there to 215 or 260 due to a double bottom) then $123 to $98 range. But we could also fail to bounce and wash down to 156-178 area and maybe bounce there a little before washing down further.
Your idea could be much more understandable if you minimized the drawing clutter. Good luck
+1 Reply
BuyBitcoin.WS Technician
2 years ago
will do thank you for your feedback
+1 Reply
BuyBitcoin.WS BuyBitcoin.WS
2 years ago
Cleaner view:
snapshot
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