Bitcoin - Critical Trendline To Watch

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Chart is self explanatory. This first (purple) trendline is a critical trendline to watch now. It has been tested frequently. If it breaks, then the support levels and fib levels testing may begin.

BTC has repeatedly failed to break (or sustain above) the 72k USD mark.

BTC price can go back up from here, but if this trendline breaks, the correction could be deeper. It will then open the door to 56k support zone testing or even 46k support zone testing.

No trading advice, neutral stance.

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Can go either way. Wait and watch....

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Update: Trend line broken.

Added another fib level to the chart here.

Sub EW here:

Reminder: Not a trading advice. Please do your own due diligence carefully. Thank you.

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Still down-trending and within the channel.

Blackrock has issued a warning over the past 12 hours as well.

BTC may bounce at important fib levels shown in earlier charts, but I expect them to be dead cat bounces for now.

ALTs are getting hammered down.

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Sharing a worst case scenario here now... 49k or lower bands/fib areas. I hope I am wrong though.

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BTC is more likely to enter sub 60k range in the coming week than bounce back up above 64k range.

Price levels to watch:

Bearish scenario - 57.5k range/EMA 200 for a potential bounce. If BTC breaks below that level, then it is likely that BTC will keep looking for supports until either 53k or sub 50k level.

Bullish scenario: A clean break above 64k, followed by higher high and higher lows (above 64k) will probably result in another test of 70k and 72k level.

Safe trading advised only.

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The daily 200 EMA rests at 58.3k at present. If that level breaks, then 56.5k to 57k test possible. The selling pressure from Mt Gox BTC holders, US government selling Silk Road coins, and Germany selling the confiscated coins is still there.

If 58.3k holds and we see a conclusive bounce upwards with price sustained above the 65k range, it will shift the direction to another test of 72k, which is more than likely to be broken this time and will lead to several new ATHs.

I am also sharing this ultra long-term bullish chart below. If BTC price falls below 39k range, then that ultra long-term trendline will break. That looks unlikely.

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Daily 200 EMA broken... that was quick.

I suggest major caution now as this is more likely to get ugly further over the next few hours... I could be wrong. I highly advise not to overleverage your positions unless you are trading with money you are ready to lose 100%.

All the best!

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So here we are....

i will attempt to buy when BTC hits the green box. We have to wait until US stock markets open and ETF holders and hedge fund managers start to panic sell.

However....

If BTC breaks 44k at any point.... game over....