BTC creates a lower low; still forming handle.
I exited my position once we dipped below $8790. At that point a lower low had been achieved on the 4hr chart which almost always tends to be just the beginning of further downside. However we are now in oversold conditions on the rsi and the stoch rsis buy signal line is finally curving back towards the upside. We also seem to have a decent sized support buy wall waiting at 8500...because of these support indicators there is a chance we may see a little bit of a bounce at 8500 however i think this will probably only be enough of a bounce to reach the top trendline of the handle before it bounces back downward and sees an even further dip. I believe the downside will continue until btc is finished forming the cup handle and since we've only just now formed a lower lower on the 4 hour chart I anticipate the handle will likely be much deeper than this. Of course I will always be prepared for the exact opposite outcome as well. I hope all reading prepare themselves for opposite outcomes as well.
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