the // channel started after May 12 is now broken .
There is no sign of up movment ... Daily two day ago was confirmed by the dump at 1AM UTC+2 today
more than this, the stats on BTC blockchain show if might get worst in the next weeks.
The usual ' after Halving uptrend" is not there .. maybe later ? I don't think so ... ( Look Magic Triangle chart )
A lot of unknown factor can change the trend, but the game is in Miners Pools and Hedges now, lmao
- How long Miners pools can pays energy bills with a revenue cut by 2 before being forced to shutdown ?
- How long Hedges ( like Grayscale ) and big BTC holders can buy to avoid a free fall ?
My view is : If they fail to keep the price above 8K .. there will be an "apocalyspe now" for BTC
The last to exit will by the ripped of the game ... we might no see 10K again for long time ...
next support to watch
8,754.92 From 4 Week High/Low
8,737.63 14 Day at 50%
8,572.72 14-3 Day Raw at 20%
8,447.25 From 4 Week Low
8261 daily MA50
8042 daily MA200
8,063.19 Price Crosses 40 Day Moving Average
7,715.68 From 13 Week High
7,714.34 From 52 Week Low
7,451.23 1-Month Low
6,991.95 From 13 Week High/Low
still down trend lmao
if bottom of the channel breaks then we're have good chance to retest the 8.7k and after 8.4 / 8.2k support
scenario if bottom channel hold, another 8.8 / 8.9k test, and then bounce to 9.5K
we re going to have some up & down in the 9.2 / 8.9k range meanwhile
volumes and RVI still real heading down, Mempool pending transaction raised from 11k on may 8th to nearly 47k , just start to go down a little!
oversold on 1D but big overbuy on 1H, so,.....
Checking out sRSI and RVi
my idea is a bottom re test another time again
Close long if you have any, or tighten your SL
Feel free to tell your own view on that ...
NB: Smart people never bet more than they can afford to lose.
Trade at your own risk
This is just an idea about the current situation,NOT a trade advise .