BTC on the Edge of Capitulation.Bitcoin trades on a critical make or break level of a big bullish butterfly from the topping arch.
This tends to be an imperatively important pivot point in a trend. In the strong trend the butterfly is an ABC correction and then we're into a new 5 wave climb. In the failure of the butterfly, this is the failure of the uptrend and we switch from a steady consistent downtrending action with pullbacks and new lows to out and out puking.
We are right on the verge of puking.
BTC is now trading at this level for the third time. Realistically, the best odds were off the first one. Being here a third time is quite sketchy.
Coupled with the fact indices are looking ultra rough and most of the alts are showing massively obvious big break signals (like huge head and shoulders etc) - this looks bad.
If this breaks there are no major supports before 55K. The next supports would be minor shallow bounce supports. We could downtrend to the 4.23 fib which is around 20K and if we get there a spike out of it would even make 10K viable.
BTC can drop over 70% from the price is trades today in a butterfly break.
We sit specifically on the decision level now.
If it breaks- it can be a very serious thing.
MUCH WORSE THAN THE LAST BREAKS.
