BTC really has been relentless in it's rallies. I am sure most traders have been surprised by the moves BTC continues to make to the upside. Even in the face of a descending triangle, it continued higher. The flow is still in favor of BTC and this is confirmed with BTC still dominating above all the other alt coins. This is why we also haven't seen an alt coin rally, no one has favored alt's over BTC right now. If this 12k area can't hold, BTC go down pretty substantially and most likely go below 9k. The question is do we go to 8k or 7k? If we measure the magnitude of the last move up and compare it to where it could go, it would put us at 7k. Of course, that specifically is hard to pinpoint. On the upside if 12k broker and went higher this would confirm almost a bull flag typer pattern and we'd move to 15k.
We can see that RSI is falling in line with a channel type pattern and the strength of MACD is also wavering. We still have a whole year until BTC halves and longer before more developments come online. Be wary!
Happy trading and hodling,
-Sherem
We can see that RSI is falling in line with a channel type pattern and the strength of MACD is also wavering. We still have a whole year until BTC halves and longer before more developments come online. Be wary!
Happy trading and hodling,
-Sherem
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Previous idea as an FYI -
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This level at this 11k-11.3k area is the last area of hope for bulls, either we form that bull flag I was talking about or if we break below, we have a long ways to go down...
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Bull flag is being invalidated and 11k has been breached, we close below 11k and we'll get a further move to the downside
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already printing 10,900 and below, looks like the down move is confirmed
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Next stop, 9k. We break that and we go down further.
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Um, was this not spot on or what?
