[BTC/USD] - Time to put on your bear goggles

Updated

BTC is rubbing up against the bottom of the pitchfork that has defined the trend for months now. If it closes below and successfully breaks the bull trend, we could see BTC dropping as far as mid 8k range where the EMA rests alongside the 0.236 fib retracement. If the pitchfork holds, expect a return to the mean with an eventual rally to upper 20ks or 30k+

i.e. hold on to your butts

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The pitchfork is invalidated. Here is a new one which I believe captures the trend more accurately:

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I'm calling bottom here

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Bottom held. Watch for these zones of support/resistance moving forward.

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Double bottom forming, watch for breakout when price climbs back to resistance.

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Double bottom didn't play out quite as expected. Expect a big move when this triangle breaks though - be ready!

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Overall, not looking great at the moment - we could be heading for the bottom of the pitchfork at around 6.5k. However there is a case for a bullish three drives pattern which I've outlined here:

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We dipped lower than I anticipated but the January pitchfork is, miraculously, still intact.

dukeofdolma

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