If BTC were to drop and all players wanted to keep the game going..
It would make sense to drop it to the 0.66 (~27400), some factors:
1) Russian invasion going on. 1 nuke and all markets plummet.
2) 2nd peak was higher then the first. In order for a continuation pattern to form (expanding wedge), their needs to be a lower low. Otherwise this is double peaks and we are heading to a lower support.
3) Another rally here would take BTC into ascending triangles. Unless this is a pendant and we are bullish
4) Rectangle the height difference from peak 1 and 2. Lands perfectly at 0.66
Neither bullish or bearish here, already sold shorts. Not an easy spot to re-enter
Open to alternative opinions, but looks like a down trend continuation pattern here
It would make sense to drop it to the 0.66 (~27400), some factors:
1) Russian invasion going on. 1 nuke and all markets plummet.
2) 2nd peak was higher then the first. In order for a continuation pattern to form (expanding wedge), their needs to be a lower low. Otherwise this is double peaks and we are heading to a lower support.
3) Another rally here would take BTC into ascending triangles. Unless this is a pendant and we are bullish
4) Rectangle the height difference from peak 1 and 2. Lands perfectly at 0.66
Neither bullish or bearish here, already sold shorts. Not an easy spot to re-enter
Open to alternative opinions, but looks like a down trend continuation pattern here
Comment:
5) Russia is following the footsteps of china and launching a firewalled network which will isolate it from the world. Lord only knows where that is going.
Comment:
stopped on the 0.78 fib channel. going to try an entry