BTC Bad News Bears?
Updated
If history repeats, BTC breaks down to around 30K by the end of January. But if breakdown occurs, H&S could complete by end of February to beginning of March.
On the other side of things, there are multiple supports to consider. One is horizontal support is right around 40K. There is also diagonal support (thick, black line) with a few bounces:
• 8 Oct 2020
• 20-21 July 2021
• 7 Jan 2022
And the hash ribbons have typically shown (excl. e.g., end Dec 2019) that the price does not dip back below the lowest low of the few-days range preceding the buy signal. This means the warning signal is roughly 37.3K, in terms of the hash ribbons back test.
On the other side of things, there are multiple supports to consider. One is horizontal support is right around 40K. There is also diagonal support (thick, black line) with a few bounces:
• 8 Oct 2020
• 20-21 July 2021
• 7 Jan 2022
And the hash ribbons have typically shown (excl. e.g., end Dec 2019) that the price does not dip back below the lowest low of the few-days range preceding the buy signal. This means the warning signal is roughly 37.3K, in terms of the hash ribbons back test.
Comment
Several bearish things have just occurred:• Diagonal support broken on daily
• Hash ribbon level (~37.3K) broken on daily
• Neckline, either way you look at it, broken on daily
• .786 fib level broken on daily
However, on the daily, BTC is still (barely) hanging within the falling wedge.
https://www.tradingview.com/x/Ajh93zuB/
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