BTCUSD free fall or rebound?
Updated
In my opinion there are two possibilities right now:
1st) 7871 cant handle the pressure and will give up so the market can fall down to the 6k area again. If the market will rebound there we may see a bottoming.
2nd) the market rebounds at the 7871 area and makes a higher high with the 12968 zone and starts a new uptrend
Interesting fact: the two times where the market tried to hit the 12k area are exactly in between the 50% Fibo from the previous long downtrend!
In my opinion 7871 will get broken and the market will fall down to the 6k area again.
1st) 7871 cant handle the pressure and will give up so the market can fall down to the 6k area again. If the market will rebound there we may see a bottoming.
2nd) the market rebounds at the 7871 area and makes a higher high with the 12968 zone and starts a new uptrend
Interesting fact: the two times where the market tried to hit the 12k area are exactly in between the 50% Fibo from the previous long downtrend!
In my opinion 7871 will get broken and the market will fall down to the 6k area again.
Note
seems like 7871 support couldnt handle it - like expected. the market is now close to the lower trendline. i am expecting a break from the lower line. i will keep you updatedNote
remember: we still have an open GAP at 8,5k level. this level is a resistance at the same time. i could imagine to see that GAP getting closed.Note
This up move could be the GAP close i was talking about. its actually not closed exactly but good enough to accept it. lets now see if it really was only a GAP-close or the start of a bigger up moveNote
the GAP is finally closed. lets see if it continues to fall againNote
for now it looks like the rebound option got selected. if 8963 cant handle it we will most likely see the 10k soonNote
we may see a 8963.p reboundNote
the market is close about to make a new low which would be perfect for our planned target at 6k!Note
we are about to reach the 6k level!!Note
the change from downmove to upmove at the 6,4k level could be counted as the second deep of the bottoming. if its that its for sure not the most beauty double bottom but technically it is ok. its actually a good sign if the 2nd low from the double bottom is higher than the first one -> chances are higher for a real trend change!
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