BTC Monthly look like a Double top to me .
The target would be the solid yellow line at the bottom .
The target would be the solid yellow line at the bottom .
Note
if we add the moving averages then BTC is also at the Monthly MA50 which will provide temporary support 
This is also similar to what ETH has done with its Head and Shoulders and landed on its Monthly MA50 support
Note
Now i could be wrong be wrong but id expect a possible consolidation around here followed by a further push down to 18K .Why ?
Ill explain below
Note
Because the BTC Capitulation must be incomplete. Capitulation is usually a very large bar down with lots of accompanying volume .Also in the past, capitulation bars down have traveled an average of 33% down ; However in this case the current bar has only traveled 19% down.
Plus in this situation the large capitulation bar is missing and so is the accompanying capitulation volume on the bottom of the graph.
Hence this must mean that capitation is incomplete and there is more downside left for BTC to travel
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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.