Two Scenarios, One Ending

Updated

Be careful if you've opened a long position. The BTC chart is looking pretty bearish right now on higher and lower time frames, which means almost every other coin/token is probably about to look bearish as well.

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The price is currently following the more bearish scenario. It isn't able to break through the white resistance line.

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The price has broken through the white line and has bounced off it. However, the move wasn't a high volume one, so I would be cautious. The price is evolving inside two symmetrical triangles: the large one drawn on the chart, and a smaller one which should be coming to a conclusion in the next couple of hours.

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As expected, low volume oblige, price went right through the lower line of the smaller symmetrical triangle and found support at the larger symmetrical triangle's lower line. But this support is weak. I don't expect it to hold the price. The white resistance line is back in the game. We managed to get above it again, but it's also pretty weak as a support. If we're looking for stronger support, we could find it around price point $18,200. If that one doesn't hold either, we might go straight to $17,600.

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We're desperately trying to get back to $19,100, creating a small bear flag in the process. If the price falls in the very near future, it might bounce off those levels: $18,750, $18,500, and $18,200.

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This feels like a sell-off is imminent. Same price action as last weekend. There's a high chance we're going to $17,600 the next time the price touches the thin descending white line.

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Okay, it might actually be scenario #2 with a 48h delay. Or it might not. Guess we'll see in the next couple of days.

Phenor

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