- Soon we'll go through the critical green circle.
- The triangle could also turn into a bearish Cypher Pattern falling through next support and uptrend main support line. Especially, if BTC falls to 5-6k range. Then, be prepared to downfall to 0.38 - 0.42 range.
Thanks as always for the reviews, comments, likes, and follows.
** This analysis is used for educational purposes only.**
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Negative News: China crackdown on crypto industry and initial coin offerings (ICOs) and ban of related websites.
If this goes on, expect an even more dramatic downfall.
I will update and re-chart in the next hours.
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Cointelegraph: Ban Complete: China Blocks Foreign Crypto Exchanges To Counter ‘Financial Risks’.
Ups... reassess strategy.
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Fighting its way down the great wall of 0.78 and actually just breached it while writing this comment. If it doesn't bounce back shortly, downtrend will continue to fib retracement 1.272 (0.4x) of current wave.
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BTC fell below 7k, and boom - here we are at 0.64xx. A possible short-term reversal at fib retracement 1.272 (around 0.60xx) is highly likely.
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Now dealing with the strong resistance at 0.78 which was previously support. If it fails to break it, it will fall to the next support level and try to bounce from there.