This is a chart of all the strong levels BTC has established since its existence. At this point, BTC has broken down that key level very decisively and shows no signs of stopping anytime soon. If we keep seeing a slow burn all the way to 28k then to me this is a terrible sign for the market. This indicates this may be only beginning because if the price is consistently moving downward slowly, that becomes an established trend.
For Bitcoin to rise it has to liquidate and form a spring. Then reverse trend from there but we don't see this happening. These are bad signs in my opinion.
A detailed analysis to come, I've been struggling on time. I hope this chart shows some perspective of where we are at in the big picture. Thank you all, hope this helps!
For Bitcoin to rise it has to liquidate and form a spring. Then reverse trend from there but we don't see this happening. These are bad signs in my opinion.
A detailed analysis to come, I've been struggling on time. I hope this chart shows some perspective of where we are at in the big picture. Thank you all, hope this helps!
Note
Here is a quick little update on the short-term movements. We see a Bearish Rising Wedge Continuation Pattern on the 15 minute time frame. Further downward pressure should follow.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.