Bitcoin Possible Scenarios: More dips coming?
Updated
Bitcoin dumped as expected in my last analysis and now it's trading on the major support I mentioned already. But the market is still unstable and we may have further red candles so I recommend waiting and watching how the market will react. There are two scenarios in my mind for the next move.
Since there is a semi-double-top pattern in the distribution zones of the red channel (specified on the chart) and this zone has broken out, a pullback to 37K determines if the pattern is valid or not. If it loses the major support at 25K the pattern is most likely confirmed and we can expect 14.5K.
- 1. Complete recovering from this level and turning tables
- 2. Breaking down the major support at 25K and going down straight to 14.5K
Since there is a semi-double-top pattern in the distribution zones of the red channel (specified on the chart) and this zone has broken out, a pullback to 37K determines if the pattern is valid or not. If it loses the major support at 25K the pattern is most likely confirmed and we can expect 14.5K.
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