The price action suggests that there could be a reversal at around the $1.80 - $2.00 support area with a price target of ~$3.60. (green)
I maintain this opinion based on:
1. The head and shoulders pattern that is just about completed with a neckline that would place point (G) at ~$3.60. Once the neckline was broken, the resultant decline shouldn't be much more that the distance from the neckline to the head...and the price is approaching that point. (blue)
2. What looks like the completion of a bearish cycle. (red)
3. One of the strongest Fibonacci levels of confluence is at about $2.00. It should be a solid support...so long as Coinmarketcap.com or Chinese BTC -3.29% mining regulation news doesn't shift the flow of volume in the wrong direction. (orange)
I maintain this opinion based on:
1. The head and shoulders pattern that is just about completed with a neckline that would place point (G) at ~$3.60. Once the neckline was broken, the resultant decline shouldn't be much more that the distance from the neckline to the head...and the price is approaching that point. (blue)
2. What looks like the completion of a bearish cycle. (red)
3. One of the strongest Fibonacci levels of confluence is at about $2.00. It should be a solid support...so long as Coinmarketcap.com or Chinese BTC -3.29% mining regulation news doesn't shift the flow of volume in the wrong direction. (orange)
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