Bitcoin Prints Very Bearish Breakdown

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin has broken down from the mid-sized triangle we have all been watching and successfully retested the apex, which is a textbook play, and been rejected. The rejection at the apex is a textbook retest confirming former support as resistance. The target of this breakdown is in the low 4k's. The most significant implication of the breakdown is it should give bitcoin the momentum needed to finally break the 6k bottom and the long awaited breakdown from the descending Triangle could be soon upon us. Now, as we have seen numerous times bitcoin loves to print beautiful patterns and then jerk the proverbial rug out from under traders by going the opposite way...so, although I am short this is a cautious signal...In ANY other market in the world this would be a perfect short opp however with bitcoin there is just too much deception and uncertainty so all I can say is be cautious and trade at your own risk. Either way this is a beautiful set up and so I felt compelled to chart it!

Red Boar
What do you think are the targets where it will slow down and form a bottom @texagg22
@Ruvim18, I think we either bounce here at 4200 or we are going to 1200 and below....we need bounce at 4200 to keep any kind of market structure...Personally, long term, I think it is going into the triple digits...But I am a perma bear and I think bitcoin is a giant ponzi scheme...so yeah If you have been following me at all then you know this alreayd....Bounce now or big problems imo
Ruvim18 texagg22
@texagg22, hmm. You don’t believe it can rebound and grow to challenge the All time high at least once more before something goes down permanently? After all it’s got popular is the world going to let it go down this soon.. like without challenging at least 20,000 again I think it could be possible since it’s got much more recognition last year alone.
@Ruvim18, I do not believe that it will ever reach the ATH again..if we break above 6500-7k on a weekly basis I will become bullish and will have to determine targets at that time.
Ruvim18 texagg22
@texagg22, hmm. So you think all the big whales won’t buy in again when prices are cheaper?
Comment removed.
DataPatron Carl_Hunsen
@Carl_Hunsen, yeah, and earth is flat and jet's produce chemtrails, right? ;)
I wish that serious posts like these would have more impact to crypto kids who follows terrible "top author" scammers with thousands of followers.. thanks and share your good ideas!
+1 Reply
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