Analysis only: downward channel, support
Updated
Trying to show things that aren't already on everyone else's charts... this downward channel also corresponds to the December 17th peak, which I think gives is more significance than otherwise. Four solid touch points.
I personally have a hard time believing we will drop below the 9,000 level from Wednesday (if we drop that far); however, as long as we continue to fail to BREAK THE DOWNWARD CHANNEL with an upswing, then chart-wise it is not at all inconceivable to keep dropping.
The heavy orange line represents the longer-term trend started in mid-September. This will act as MAJOR support, keeping us from dropping below 8,500 - 9,000. Of course, this support moves higher as time goes on.
Depending on how it develops, in my eyes the most recent action could either be a bearish triangle/wedge, or it could develop into a nice bull flag attached to the "pole" rising from 9,000 - 11,600. For now, I am leaning towards the bearish indicator, but time will tell.
I personally have a hard time believing we will drop below the 9,000 level from Wednesday (if we drop that far); however, as long as we continue to fail to BREAK THE DOWNWARD CHANNEL with an upswing, then chart-wise it is not at all inconceivable to keep dropping.
The heavy orange line represents the longer-term trend started in mid-September. This will act as MAJOR support, keeping us from dropping below 8,500 - 9,000. Of course, this support moves higher as time goes on.
Depending on how it develops, in my eyes the most recent action could either be a bearish triangle/wedge, or it could develop into a nice bull flag attached to the "pole" rising from 9,000 - 11,600. For now, I am leaning towards the bearish indicator, but time will tell.
Note
Just a note: this ongoing consolidation is starting to look more like a potential consolidation after the initial rise up from 9k - 12k. If so, then this will break upward. I still think volume and momentum is too low for that to happen, but wanted to mention it. Btw, I am currently in fiat hoping it will indeed drop again, but open to what the market decides.
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