Short
Bitcoin attempt to pass the rubicon
Updated
The chart shows the most important Bear Trendline since December 2013 bubble.
It can be connected on all 3 major chinese exchanges by using a line magnet
Recently BTC has built support just above the trendline at around 2880 CNY.
Possible top of the trend 3030 CNY.
When broken double top on the triangle will be confirmed.
We fall back into the long term Bear Trend.
This will inevitably lead to capitulation and despair.
Possible scenario:
- Hammer on daily when the bull trend is broken
- Look at my related idea Bitcoin Bubble.
It can be connected on all 3 major chinese exchanges by using a line magnet
Recently BTC has built support just above the trendline at around 2880 CNY.
Possible top of the trend 3030 CNY.
When broken double top on the triangle will be confirmed.
We fall back into the long term Bear Trend.
This will inevitably lead to capitulation and despair.
Possible scenario:
- Hammer on daily when the bull trend is broken
- Look at my related idea Bitcoin Bubble.
Note
EDIT:With this recent hammer dump the top of 3030 is now confirmed.
On chinese exchanges it hit support of 2880 CNY or $350 on western markets.
There will be no real attempt to crawl back up. This is double top situation.
Next leg down should take us to 2700 CNY where the real support lies with a possible stop around 2800 CNY.
The sentiment is still bullish.
Traders expect a rebound and another try like on previous attempts.
Market might do just opposite.
Breaking the Bear Trend should give a lot of fuel to break any support all the way to the bottom of the triangle.
I expect some news in coming days to justify market actions.
Note
Currently sitting just below the Bear trendline which broke down with huge forceimgur.com/KiNElUz
*Traders still expect upward movement , some chinese analysis I consider wrong
prnt.sc/axrz6b
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