BTC squeezed between two major trend lines
Updated
Bitcoin looks like it is finishing a 5th Wave Correction right now. But where is it gonna end, and what will it do afterwards? That is the question.
We are seeing major support at $7200, but if that fails, we will move on to $6900, maybe even touching the $6700 support that is all the way up from October.
If this last support (6700) fails...
Prepare for some blood like mid-january.
I have seem some TA that speculate we are in a 2nd Wave of an Motive.
But I'm feeling a bit lukewarm about this. Yes, the EW *might* check out, but it's a rather odd count right now.
I'm not saying it is wrong. Just... unlikely.
I see this as a very decisive point for the next weeks to come.
Which MAJOR trend will we break, and which one will stay here longer?
We are seeing major support at $7200, but if that fails, we will move on to $6900, maybe even touching the $6700 support that is all the way up from October.
If this last support (6700) fails...
Prepare for some blood like mid-january.
I have seem some TA that speculate we are in a 2nd Wave of an Motive.
But I'm feeling a bit lukewarm about this. Yes, the EW *might* check out, but it's a rather odd count right now.
I'm not saying it is wrong. Just... unlikely.
I see this as a very decisive point for the next weeks to come.
Which MAJOR trend will we break, and which one will stay here longer?
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Updated chart.
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