Why I think Bitcoin could be falling back to around $6k USD
Updated
When you look at the monthly chart of BTC you can draw a line of support to connect the lows.
s3.tradingview.com/snapshots/i/IMwFO2Ao.png
On the daily chart you can see the recent formation of a clear bear pennant with the flagpole to the left.
When you move the flagpole to begin at the point of potential breakout lower, the measured move down intersects perfectly with the extrapolated line of support from the monthly chart.
The target of the move to around 6k would be a 90% correction from the all-time high which is typical of a Bitcoin bubble pop at the end of a bull run.
Keep in mind that 6k is still a 100% capital gain for those that bought at the bottom of the last bubble pop in 2017/18.
s3.tradingview.com/snapshots/i/IMwFO2Ao.png
On the daily chart you can see the recent formation of a clear bear pennant with the flagpole to the left.
When you move the flagpole to begin at the point of potential breakout lower, the measured move down intersects perfectly with the extrapolated line of support from the monthly chart.
The target of the move to around 6k would be a 90% correction from the all-time high which is typical of a Bitcoin bubble pop at the end of a bull run.
Keep in mind that 6k is still a 100% capital gain for those that bought at the bottom of the last bubble pop in 2017/18.
Note
Looks like a fakeout to meNote
Note
breakout higher not supported by enough volumeNote
Fakeout confirmed. Bear pennant still in playNote
If history repeats itself it may look something like this:
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