It's approaching the descending trend line and at this price, it will hit it in one day's time. I'm expecting the overall downward trend to continue and while the bulls are calling it a bottom consolidation, the big picture says otherwise. As I wrote previously, we still haven't had the day of capitulation. Not that I want that to happen, but that will be...
I've extended the same lines and no, it's not an exotic EW, Fib, BB analysis. At the 2hr view, we're on track to the bottom and now the question becomes: when will the 30-50% capitulation happen?
Using the same lines in the previous idea, the overall big picture seems to indicate that April 1st may be the run-in with the 8k BTC high.
Time will tell.
This is no EW analysis but a simple peak ->peak line continuation. Taking a big step back, it's plain to see that BTC will trend lower overall. As for a reversal, it's too early to tell.
