This chart is an update to one I made on the 16th- when I called a possible low of $7,440 within 48 hours, and was about $100 off.
March 11th, 2018, we saw an explosive growth in BTCUSD. We briefly pierced the long term downtrend channel, slowly retracted under it, then started our descent to the depths of hell.
We then attempted again to break multiple resistance points into support and failed. Yesterday, another explosive growth with a giant bull flag clearly painted on the chart, extending above the downtrend channel and confirming multiple candles as a possible breakout. However, you can tell when a breakout is real due to volume. The volume seen being maintained in the PVT is nowhere near enough to continue the upward momentum. The bulls are slowly losing power to confirm a break of the downtrend channel, and the bears are about to take hold. Right now we are near the highest support we have reached all day, and we are quickly losing volume. We are overbought on the RSI. Slowly but surely, the MACD is showing a lack of momentum as well. I believe within about 2-4 hours, we go bear.
Where do we go from here? We have multiple possible options, but either way this drop is going to be NASTY, because we are about to find the true double bottom of BTCUSD. I suspect we will pierce the $7k psychological level tonight, probably worse. My end average buy-in target is $6,860.
Today we need to close a 4hr candle decisively above $8,720.00. Failure to do that will send the market plunging back into the downtrend channel. We went up way too fast, it wasn't sustainable. We are about to go down possibly equally as fast. That being said, we will go down *hard*.
The good news? We will bounce back a LOT harder over the next two weeks, piercing through the long-term downtrend channel and decisively closing above it once and for all.
Always remember in Crypto, "What goes up must come down" and "For every action, there is an equal and opposite reaction."
This is not financial advice but I will post updates once we're done falling like a brick.
As always,
Ladder in, ladder out.
Haters gonna hate until they see Crypto's fate.
It may not happen on this date so don't trade the bait. Do your own research. Good luck and happy trading
March 11th, 2018, we saw an explosive growth in BTCUSD. We briefly pierced the long term downtrend channel, slowly retracted under it, then started our descent to the depths of hell.
We then attempted again to break multiple resistance points into support and failed. Yesterday, another explosive growth with a giant bull flag clearly painted on the chart, extending above the downtrend channel and confirming multiple candles as a possible breakout. However, you can tell when a breakout is real due to volume. The volume seen being maintained in the PVT is nowhere near enough to continue the upward momentum. The bulls are slowly losing power to confirm a break of the downtrend channel, and the bears are about to take hold. Right now we are near the highest support we have reached all day, and we are quickly losing volume. We are overbought on the RSI. Slowly but surely, the MACD is showing a lack of momentum as well. I believe within about 2-4 hours, we go bear.
Where do we go from here? We have multiple possible options, but either way this drop is going to be NASTY, because we are about to find the true double bottom of BTCUSD. I suspect we will pierce the $7k psychological level tonight, probably worse. My end average buy-in target is $6,860.
Today we need to close a 4hr candle decisively above $8,720.00. Failure to do that will send the market plunging back into the downtrend channel. We went up way too fast, it wasn't sustainable. We are about to go down possibly equally as fast. That being said, we will go down *hard*.
The good news? We will bounce back a LOT harder over the next two weeks, piercing through the long-term downtrend channel and decisively closing above it once and for all.
Always remember in Crypto, "What goes up must come down" and "For every action, there is an equal and opposite reaction."
This is not financial advice but I will post updates once we're done falling like a brick.
As always,
Ladder in, ladder out.
Haters gonna hate until they see Crypto's fate.
It may not happen on this date so don't trade the bait. Do your own research. Good luck and happy trading
