Bitcoin continues to plummet, taking pauses along the way at weak lateral supports illustrated with the thin red lines. Next stop for a rest is approximately the 3000 area. I expect that to break in time as well.
Sitting around 3700 support, next stop is around 3000 when this goes. Frankly don't see any technical reasons why anyone is still buying this other then brief stops on the way down. All of the remaining price supports are pretty weak.
Bitcoin continues to free fall after losing it's last hope around the major up trend line at 5700ish. I laid out some lateral price supports with red lines where we could see some pit stops. However Bitcoin is completely broken at this point and will likely head to 1800-2000 if not all the way back to where the bubble began at 800-1000. I'll update as breaks...
Target a few months back was for a break either way out of the apex to occur by mid November. Looks to have been right on time should the break continue today. A loss of 5730 and follow through would confirm the move. If so, next target would be 3700-3900.
We continue to be in the doldrums since the bubble collapse in digital currency. However, that rising and falling trend line are narrowing. Given the rate of shrinkage we will likely get some kind of resolution to the pattern by mid to late fall. Either in the form of an echo bubble or a further collapse of price. Too early to tell at this juncture.
An Awful lot of chop has formed as bitcoin crashed out. I think there is s reasonable chance it ends up stablizing near the lower trend line in the weeks ahead for some kind of echo pop. Something I'm watching for but would like to see more price action before making the call.
That support off the previous candle tail low brought in a few weak buyers but lost ground as expected today. Still thinking we are going to see 4800-5000 area. I'd expect some buyers to step in there and see how things go.
Currently testing the previous low from that candle tail which isn't very strong support. Expecting it to break and fall into the 4800-5000 trend line support area which is significant. Expect the next bounce off that level.
Bitcoin continues to break down after pausing at 7400 trend line support. Next stop is around 6500, although the pattern looks quite weak and a test of that ultra low trend line is looking more reasonable.
Not really too much of a surprise as the triangle is fairly large, but we have another confirmed rejection of resistance today. A short position against that trend line is merited here with a target of lower support again around 7200ish.
Bitcoin continues to be stuck in a triangle the last few months between support and resistance. At some point the apex will get small enough to initiate a break out or a break down of the pattern, but for now one can continue to trade the range.
Bitcoin continues to be stuck in a lateral range between lower trend line support and upper trend line resistance. Thoughts are it will make another small push up near the 10 K area which will set a negative div on the rsi and then make another attempt lower.
How bit handles this red line around 6800 and the previous low at 6200 is important. I'd still stand down buying at this point until a reversal candle takes place and then reassess. For now it still looks like it wants further south.
Bitcoin continues to behave in a negative manner taking out the recent previous low support as the macd is confirming with a sell signal. Not shown here is the weekly/monthly patterns which continue to have negative oscillators pointing down after the massive bubble that took place. This longer term pattern continues to weigh on the short term pattern making...
Bitcoin is starting to slip back underneath the major down sloping trend line it had broke out above recently. Caution for a false break out was warranted as it was still back testing the underneath side of wave 3. A secondary trend line was drawn under wave 3 with a new low in place. These two trend lines from wave 3 could be considered inverse Gann line pattern...
