BTC in a down channel. The bottom might be closer than you think
So i've recently made a post on why BTC is going to 5K before going up. If you haven't seen that, i highly recommended you to check it out. There will be more information to back up this post. You can find it here
As you can see, we are in a down channel now. At the end of the channel there is a bear flag which mainly breaks out to the down side. 20% chance to go up and 80% to go down and continue the downtrend.
If we break out positive out of the down channel, than we might be in for a little bit more upside movements before going down again. There is just no reason for big money to flow in at this moment. We haven't seen a big sell off followed by big buying volume. Also there is no catalyst at the moment which drives up the price.
The bottom seems to me very close. Probably we will see a sell off followed by big buying volume. That would indicate a possible bottom and we will see some more upside moves after that.
As you can see, we are in a down channel now. At the end of the channel there is a bear flag which mainly breaks out to the down side. 20% chance to go up and 80% to go down and continue the downtrend.
If we break out positive out of the down channel, than we might be in for a little bit more upside movements before going down again. There is just no reason for big money to flow in at this moment. We haven't seen a big sell off followed by big buying volume. Also there is no catalyst at the moment which drives up the price.
The bottom seems to me very close. Probably we will see a sell off followed by big buying volume. That would indicate a possible bottom and we will see some more upside moves after that.
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