This is, of course, speculative and NOT FINANCIAL ADVICE.
It's Bitcoin so anything could happen and we could certainly break upward from here.
But...
IF we continue down... this is the way I'm now seeing the big picture of the market:
1. That bull run to 14K was nothing more than an over-exuberant bear market reaction rally, and the real bear market bottom has yet to be put in.
2. You see how we've been forming all of our tops with the same descending triangle pattern.
3. Hopefully all the lines speak for themselves. Purple lines are major support and areas where I would think there would be big bounces from institutional buying on the way down.
4. That long diagonal line at the bottom is where I see the bear market ending - somewhere in that blue box area.
Happy trading and Happy Holidays!
It's Bitcoin so anything could happen and we could certainly break upward from here.
But...
IF we continue down... this is the way I'm now seeing the big picture of the market:
1. That bull run to 14K was nothing more than an over-exuberant bear market reaction rally, and the real bear market bottom has yet to be put in.
2. You see how we've been forming all of our tops with the same descending triangle pattern.
3. Hopefully all the lines speak for themselves. Purple lines are major support and areas where I would think there would be big bounces from institutional buying on the way down.
4. That long diagonal line at the bottom is where I see the bear market ending - somewhere in that blue box area.
Happy trading and Happy Holidays!