BitcoinShort
Bitcoin support dwindling as bears prepare to charge
We seem to have established a floor for this support around $210 near the last area of consolidation before the big Coinbase pump. The market is now forming a massive descending triangle by making lower highs on very weak volume. This pattern will be validated if and when the price dips below intraday support at $220 again.
The market had a similar, albeit smaller, consolidation around $250 after which it made a measured move to $220, which opens up a target for this move of at least the recent lows of about $170. Given the size of this pattern, though, that may not be enough to satiate the bears' bloodlust. If the market decides to move past this area, then I've outlined 2 other target areas, the main one being Tg 3 around $90. At that point, I would expect huge volume to signal a reversal point which I suspect would serve as a long-term market bottom if we reach it.
Donations welcome:
1Eg1QK5vJVCcSoZM3Cp8dgpJ9jv4tjng8m
The market had a similar, albeit smaller, consolidation around $250 after which it made a measured move to $220, which opens up a target for this move of at least the recent lows of about $170. Given the size of this pattern, though, that may not be enough to satiate the bears' bloodlust. If the market decides to move past this area, then I've outlined 2 other target areas, the main one being Tg 3 around $90. At that point, I would expect huge volume to signal a reversal point which I suspect would serve as a long-term market bottom if we reach it.
Donations welcome:
1Eg1QK5vJVCcSoZM3Cp8dgpJ9jv4tjng8m
Related publications
Disclaimer
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.