Hello everyone!
As I said in my last Post, if BTC follows the Cycle, we might see a drop to retest the trend line around 8200, which it did.
As a second Indication I mentioned the strong bearish divergence.
This Cycle ends on the 05.17. Let's see if the support can hold the following days.
BTC struggled already on the way up between the 8k-10k.
Selling pressure picked up again lately, BTC couldn't even top the past highs around the 11k and now it looks like BTC is in a big bear flag.
Probabilities:
1. If prices keep dropping, we might see our second strong support at 7200 as a target of that bear flag.
2. Consolidation around the trend line (around 8200k), followed by a bounce from there.
Good trading everyone!
G.M.
As I said in my last Post, if BTC follows the Cycle, we might see a drop to retest the trend line around 8200, which it did.
As a second Indication I mentioned the strong bearish divergence.
This Cycle ends on the 05.17. Let's see if the support can hold the following days.
BTC struggled already on the way up between the 8k-10k.
Selling pressure picked up again lately, BTC couldn't even top the past highs around the 11k and now it looks like BTC is in a big bear flag.
Probabilities:
1. If prices keep dropping, we might see our second strong support at 7200 as a target of that bear flag.
2. Consolidation around the trend line (around 8200k), followed by a bounce from there.
Good trading everyone!
G.M.
Bitcoin tested the trend line several times, before it finally dropped below, with a close on the H4. Right now it looks like this support becomes resistance, and there's nothing in the way to continue the drop.
Downside Target is still the 7200 Zone, the strong main support line of BTC, where it correlates with the 0.786 Fib level. So, a significant Support Zone.