BTC Analysis of how it was evident that we was going to drop
(0) I spotted that we have an ascending wedge. This is bearish pattern in trading. Usually ascending wedges are bearish. (Google ascending wedge if you want to know more)
(1) we broke the immediate trend line. I told everyone if this happenes all setups are invalid. This was another reason why I was a bit more cautious. Usually after we break out, BTC should FLY. But that never happened this time.
(2) We broke another trendline on a bigger time frame
(3) When then dropped and hit the GP1 (yellow box). The next move was then to bounce to the orange box. What happened next was that we failed to even go to the orange box. This was a bad sign.
(4) We broke and went below the yellow box. I always say that if we break and go below a yellow box this is BADD. We are currently also below the MAIN trend line.
(5) The next main area of support is GP2 ($42000 - $46000). This is the most important price area of the whole BTC chart. If we fail that, that will make BTC not bullish anymore on the short/mid term. Nevertheless, My plan to buy some dips there, if we go there.
(1) we broke the immediate trend line. I told everyone if this happenes all setups are invalid. This was another reason why I was a bit more cautious. Usually after we break out, BTC should FLY. But that never happened this time.
(2) We broke another trendline on a bigger time frame
(3) When then dropped and hit the GP1 (yellow box). The next move was then to bounce to the orange box. What happened next was that we failed to even go to the orange box. This was a bad sign.
(4) We broke and went below the yellow box. I always say that if we break and go below a yellow box this is BADD. We are currently also below the MAIN trend line.
(5) The next main area of support is GP2 ($42000 - $46000). This is the most important price area of the whole BTC chart. If we fail that, that will make BTC not bullish anymore on the short/mid term. Nevertheless, My plan to buy some dips there, if we go there.