BTCUSD - Big Drop or Continuation?
Updated
We're currently in a symmetrical triangle formation on BTC. This is typically a continuation pattern which implies we will continue our previous trend which is up. However, if the formation fails, it tells us the price target of BTCUSD would be around 2000. If it succeeds, the target is around the mid 14000's.
2000 is such a huge drop that some huge news catalyst would have to cause it. I doubt selling pressure alone would do it. I'm leaning more on the bullish side, frankly. In a few days the pattern will be more clear, so watch closely.
2000 is such a huge drop that some huge news catalyst would have to cause it. I doubt selling pressure alone would do it. I'm leaning more on the bullish side, frankly. In a few days the pattern will be more clear, so watch closely.
Comment
We're on the bearish region of that triangle still. Expect a bounce around 7300.If we don't get that bounce, we'll crash right through to about 6000. Our only hope from that point is a retracement back to the support line of that triangle which is common. But that point will be do or die.
By the end of the first full week of June, we will have our new trend. It could be hella bearish or comfortably bullish.
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