$BTC MORE DOWNSIDE COMING? | Hell Week Update
Updated
BTC made a descent as we anticipated, the question is do we have more room to go? Is this the end of this cycle's bullrun or do we have a 2 top cycle in store for us?
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Currently, we are seeing a nice relief rally off
31K; I'd say it's safe to say 
29K is in the books if we can't break & hold above 35k.
These next few weeks, patience will be key. We most likely continue to see some pretty big wicks both ways in an attempt to trap.
Watching $32,600 & $33,300 as resistance this next week, if we break over we must watch for the test at R2. Over the next month, we could see a retracement toward 35k and possibly 37k but this move could be to hit a retest of [R3] before the continuation toward the downside. (any chance of bullish we MUST) Breakout and retest as support of R3 would confirm a bullish move is inbound targeting 40k range.
On the larger scale (1D), we sit in a potential head & shoulders pattern which will result in the end of this beautiful 2021 bullrun bringing us down toward 2017 highs to hopefully hold support. We'd all like to see it run to 41k/
42K to confirm this head & shoulders but there's a chance selling will just continue. Way too much selling to be stopped until bigger players come to play and I personally doubt they want to unload at 30k. 24k and 18k are targets for those players. Time will tell, longterm holders will win regardless this is just another opportunity to reposition.
Share your thoughts below
DCJ | Charts Plus
EasyLoot.com
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Currently, we are seeing a nice relief rally off
31K; I'd say it's safe to say 29K is in the books if we can't break & hold above 35k. These next few weeks, patience will be key. We most likely continue to see some pretty big wicks both ways in an attempt to trap.
Watching $32,600 & $33,300 as resistance this next week, if we break over we must watch for the test at R2. Over the next month, we could see a retracement toward 35k and possibly 37k but this move could be to hit a retest of [R3] before the continuation toward the downside. (any chance of bullish we MUST) Breakout and retest as support of R3 would confirm a bullish move is inbound targeting 40k range.
On the larger scale (1D), we sit in a potential head & shoulders pattern which will result in the end of this beautiful 2021 bullrun bringing us down toward 2017 highs to hopefully hold support. We'd all like to see it run to 41k/
42K to confirm this head & shoulders but there's a chance selling will just continue. Way too much selling to be stopped until bigger players come to play and I personally doubt they want to unload at 30k. 24k and 18k are targets for those players. Time will tell, longterm holders will win regardless this is just another opportunity to reposition. Share your thoughts below
DCJ | Charts Plus
EasyLoot.com
Note
Retested wedge support as resistance, confirmed bearishNote
Holding resistance, 24k here we come
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