- Recent updated price action on bitcoin hasn't changed my initial outlook on price action and direction as per my previous idea linked below
- The head and shoulders target was invalidation however a descending triangle has formed instead and bulls are losing energy as days pass without another breakout
- As a result, the descending triangle target would take us towards $20,000 and potentially below
- We also have a fractal from 2017 which is, movement and swing wise, largely being followed with current price action and this would take us to TGT 1
- On the way down we have first the minor 61.8 fibonacci resistance in confluence with the CME price gap
- Then we have the volume support in confluence with the major 61.8 fibonacci
- Finally we have the other major volume support in confluence with another CME gap
- As a result, those are my targets and bearish outlook is becoming more and more solidified as days pass
