The previous chart I had, showed a parallel channel for the current down trend. The price broke below this channel so I've deleted it and replaced it with what appears to be a falling wedge pattern. The previous fib levels simply did not make sense from a resistance/ support point of view so I changed the setting to be based on log values. I think there is currently a good case that a local bounce could occur soon but really it needs to happen very soon. The next leg down would see 10 to 11k being a strong support area and also the fib golden pocket of the March 2020 bull market retracement.
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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.