BTC: Not all doom and gloom
Summary - The Upside:
Despite the turmoil, BTC has been holding steady and respecting support lines very well.
If it can break and stay above 39k, a mini-run to mid 40's is possible - perhaps up to 47k.
What you're seeing on the chart:
1. Blue lines = Action/Reaction
2. Red Downtrend Pitchfork
3. Counter trend Pitchforks
The Downside:
BTC below 34k opens the door for a low in the low/mid 20s depending on timing because the bottom support is a sloped line (not shown on chart). For example, if it were to bottom today, the low would be about 23k. If it were to bottom say a month from now, the low would be about 25k.
Despite the turmoil, BTC has been holding steady and respecting support lines very well.
If it can break and stay above 39k, a mini-run to mid 40's is possible - perhaps up to 47k.
What you're seeing on the chart:
1. Blue lines = Action/Reaction
2. Red Downtrend Pitchfork
3. Counter trend Pitchforks
The Downside:
BTC below 34k opens the door for a low in the low/mid 20s depending on timing because the bottom support is a sloped line (not shown on chart). For example, if it were to bottom today, the low would be about 23k. If it were to bottom say a month from now, the low would be about 25k.
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