If BTC were to drop and all players wanted to keep the game going..
It would make sense to drop it to the 0.66 (~27400), some factors:
1) Russian invasion going on. 1 nuke and all markets plummet.
2) 2nd peak was higher then the first. In order for a continuation pattern to form (expanding wedge), their needs to be a lower low. Otherwise this is double peaks and we are heading to a lower support.
3) Another rally here would take BTC into ascending triangles. Unless this is a pendant and we are bullish
4) Rectangle the height difference from peak 1 and 2. Lands perfectly at 0.66
Neither bullish or bearish here, already sold shorts. Not an easy spot to re-enter
Open to alternative opinions, but looks like a down trend continuation pattern here
It would make sense to drop it to the 0.66 (~27400), some factors:
1) Russian invasion going on. 1 nuke and all markets plummet.
2) 2nd peak was higher then the first. In order for a continuation pattern to form (expanding wedge), their needs to be a lower low. Otherwise this is double peaks and we are heading to a lower support.
3) Another rally here would take BTC into ascending triangles. Unless this is a pendant and we are bullish
4) Rectangle the height difference from peak 1 and 2. Lands perfectly at 0.66
Neither bullish or bearish here, already sold shorts. Not an easy spot to re-enter
Open to alternative opinions, but looks like a down trend continuation pattern here
Note
5) Russia is following the footsteps of china and launching a firewalled network which will isolate it from the world. Lord only knows where that is going.Note
stopped on the 0.78 fib channel. going to try an entry
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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.