Current bullish movement will touch on 9000usd down trending channel resistance. With current lack of buyers the price will be rejected. Once buyers are exhausted the drop will be fast back down to a strong previous support line around 5000-5200 Which also falls on a strong previous trend line and the current down trending channel support line. I cant see price getting much lower than this with out a whole heap of fundamental help
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If we drop down after hitting 9k support but get a small bounce of a support line around 8300 and close above the previous LH, it will 80% complete a head and shoulders pattern, which will follow a trend reversal and we could turn bullish again :) fingers crossed.
@ultracoin, IMO that is exactly how it will play if we break support at 9k ish, i believe we will see a fake out not a mooning straight away, which is why i would not be entering until it has that pull back or until confirmation its running up.
Eyates
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What happens if it breaks 9000?
Donnybrasco01
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@Eyates, i would be weary of a fake out so dont go chasing trades if it breaks out over 9k, it could well do but if the break out is eaten up i would not be entering.
there is lot of previous structure with support and resistance counting in thousands as a psychological figure for people to buy and sell.
10,000 resistance, then 11,000 then 12,000 etc etc.
If btc does start running after a 9k break out i reckon we could see a descent run as people sitting on the side lines start reentering chasing the price.