We tried to break out of this long term channel and we were rejected like a nerd on prom day. We were tracking a short/medium term descending channel and now we have broken out of that and fast heading for bottom of overarching ascending channel. another really bit of ominous sign is we lost our 200 day moving average, this also puts us at threat of a death cross over the next month or so. Also note the rest of the crypto market for the most part, looks worse than BTC, many are at multi year lows, many have broken their multi-year ascension, few charts look appealing in crypto right now... But we are still inside that long term ascending channel and therefore, still in a bullish trend overall but a lot of things are piling up against it.
So we will look to catch support at around $72-
73K and then hopefully climb back up this channel. If we break the bottom of this two year ascending channel the lows could be a lot lower. The only thing that makes this a little shaky right now is that Ethereum just broke its two year ascending pattern, could it be a sign of whats to come for BTC?
Stay vigilant, personally I would not consider a long before we test that bottom of channel, and even there I would urge tight stop losses for those trying to take advantage of the situation. That also stands for any crypto, never trade any alts and such without also watching BTC, when BTC is unhappy, generally the rest of the market is even more unhappy.
As always, my posts are informational, DYOR.
So we will look to catch support at around $72-
73K and then hopefully climb back up this channel. If we break the bottom of this two year ascending channel the lows could be a lot lower. The only thing that makes this a little shaky right now is that Ethereum just broke its two year ascending pattern, could it be a sign of whats to come for BTC?Stay vigilant, personally I would not consider a long before we test that bottom of channel, and even there I would urge tight stop losses for those trying to take advantage of the situation. That also stands for any crypto, never trade any alts and such without also watching BTC, when BTC is unhappy, generally the rest of the market is even more unhappy.
As always, my posts are informational, DYOR.
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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.
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.