I’m sorry for being bad boy and lying to You. Been calling bitcoin drop
to 5800 for a while now and looks like been wrong again. All that TA prediction game makes me look like a fool. The truth is ( and this time I swear I know it for sure ) our lovely BTC
to 5400. The reason for correction in drop
is massive falling wedge
which is claimed, can be seen from space. For anyone hoping for LONG, price stopped declining at 6400 and bounced to 7500 which was top edge of wedge
. From there drop
to 6500 than 6900 than 6500 than 6900 and we have bearish flag
. And from that point the only direction is down to bottom edge - 5400. Of course we have 5800 which is beginning of support but… There’s always some but. Support is never a straight line placed on specific price - support is a zone and our zone is between 5800 and 5000. If You hoping for bitcoin
to bounce from 5800 You might be disappointed as for that to happen You need partial decline which normally occurs on fib level 62% measured from last opposite bounce - in our case 62% level was placed at 7900.
Best we can do is to prepare ourselves for drop
For those who believe in bounce at 5800 there is a chance that my wedge
is not correctly drawn and might look like this:
That means that 5800 is a bottom edge and bounce will occurs there.
IF YOU LIKE TRADING IDEA SMASH THAT LIKE BUTTON!!! IT'S IMPORTANT.
DON'T BE TIGHT - GIVE A LIKE
This information is not a recommendation to buy or sell.