The price action down from 41k here has been extremely bearish. 5 red daily closes in a row. Major rejection into capitulation. Major shorting. Decent FUD news with Chinese BTC miners closing up shop, those images have been trending.
Appears we have support again, but you can see this descending triangle is starting to tighten up! We are entering this squeeze and need to prepare for breaks up or below.
Which way do we break I hear you ask?!
WELL! In a major downtrend, serious recent bearishness, in an overall bearish pattern, what are the odds we breakout to the upside?! VERY SLIM!
And where do you think the measured move down from this pattern is?!
20K!
Again, this is all a game of whats more likely, you need to follow the price action, follow what the chart is currently telling us, and its saying pattern ranging that wants to go further down.
MY PREDICTION = Very keen to see how BTC reacts with upper trend line. I see a 35k touch, then back down to 30k again.
I think we are also overdue for an actual 30k touch. A shakeout, see some major liquidations and volatility.
=== TimeStamps ===
0:00 = Welcome
0:30 = BTC 4 hour
1:00 = My trade fails
3:30 = Risk buying this bottom?
5:40 = Pattern squeezing
9:40 = Quick Bearish Englufing
10:40 = Capitulation 41k
12:10 = 50/200MA death cross
14:20 = MY PREDICTION = test 35k
16:40 = I will short 35k
19:30 = Closing words
Appears we have support again, but you can see this descending triangle is starting to tighten up! We are entering this squeeze and need to prepare for breaks up or below.
Which way do we break I hear you ask?!
WELL! In a major downtrend, serious recent bearishness, in an overall bearish pattern, what are the odds we breakout to the upside?! VERY SLIM!
And where do you think the measured move down from this pattern is?!
20K!
Again, this is all a game of whats more likely, you need to follow the price action, follow what the chart is currently telling us, and its saying pattern ranging that wants to go further down.
MY PREDICTION = Very keen to see how BTC reacts with upper trend line. I see a 35k touch, then back down to 30k again.
I think we are also overdue for an actual 30k touch. A shakeout, see some major liquidations and volatility.
=== TimeStamps ===
0:00 = Welcome
0:30 = BTC 4 hour
1:00 = My trade fails
3:30 = Risk buying this bottom?
5:40 = Pattern squeezing
9:40 = Quick Bearish Englufing
10:40 = Capitulation 41k
12:10 = 50/200MA death cross
14:20 = MY PREDICTION = test 35k
16:40 = I will short 35k
19:30 = Closing words
