💥 BITCOIN IN DESCENDING CHANNEL! 💥
Hey guys!
⚡️Yesterday we let you guys know to watch that support point we marked down at 20k as we called out a fall should we pivot below 20k thanks to our death cross as well as our having been pulled into the descending channel. Bulls weren't able to pull us back out of that descending channel and with bear pressure building up that finally set us for a solid break below 20k and you can see exactly how that dramatic drop came about the moment we broke below that marked support.
⚡️That last large drop brought us down to 18743 on the wicks end with $18,800 proving to be that new support to watch for at which strong support has come in as bulls try to pull us back up and get those EMA's to meet again on the 30 minute. You can always see EMA's enter on the lower timeframes but the higher timeframes will dictate those real and larger moves which we'll need to see as we try to reclaim our ground above 20k.
⚡️I warned you guys very much yesterday there was a big risk of us continuing to slide especially with the death cross and should we fall below that 20k mark. So now the next point you'll have to watch will be that $18,800 as bears are trying their best while bulls also are as you can see on the chart displayed below.
https://www.tradingview.com/x/WFs5POPE/
⚡️Either way we're in for a real battle now to climb back up above 20k. Otherwise the longer we stay below 20k the better chances bears will have to pull us down even further as we are still within that descending channel. Once your in that descending channel it's basically all game from that point on.
Gonna leave the idea here but watch those points like I say! Just like I always let you guys know, those will tell you so much. Thank you and hope you guys have a great day! If you'd like to leave a like or follow it'd be much appreciated, thank you.
~ Rock
⚡️Yesterday we let you guys know to watch that support point we marked down at 20k as we called out a fall should we pivot below 20k thanks to our death cross as well as our having been pulled into the descending channel. Bulls weren't able to pull us back out of that descending channel and with bear pressure building up that finally set us for a solid break below 20k and you can see exactly how that dramatic drop came about the moment we broke below that marked support.
⚡️That last large drop brought us down to 18743 on the wicks end with $18,800 proving to be that new support to watch for at which strong support has come in as bulls try to pull us back up and get those EMA's to meet again on the 30 minute. You can always see EMA's enter on the lower timeframes but the higher timeframes will dictate those real and larger moves which we'll need to see as we try to reclaim our ground above 20k.
⚡️I warned you guys very much yesterday there was a big risk of us continuing to slide especially with the death cross and should we fall below that 20k mark. So now the next point you'll have to watch will be that $18,800 as bears are trying their best while bulls also are as you can see on the chart displayed below.
https://www.tradingview.com/x/WFs5POPE/
⚡️Either way we're in for a real battle now to climb back up above 20k. Otherwise the longer we stay below 20k the better chances bears will have to pull us down even further as we are still within that descending channel. Once your in that descending channel it's basically all game from that point on.
Gonna leave the idea here but watch those points like I say! Just like I always let you guys know, those will tell you so much. Thank you and hope you guys have a great day! If you'd like to leave a like or follow it'd be much appreciated, thank you.
~ Rock
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.