Please read below
The chart has all of the explanation on it. If you are too lazy to read, here is a summary of what I think:
- Bitcoin will break down from 6k and test 5k
-We will (I hope) bounce off of 5k (or 4k), and if history repeats itself, we will run hard at 10k, then 20k.
All of the text on the chart (excluding callouts) is here for your...
Ever since $100 was broken, I think many people knew this would be coming. $75 was broken, and now $60. There was no reason for Litecoin to be worth over $400 in December. None other than FOMO. Now, there is very little support, once we break $50, 1st target is 34, where we will see capitulation, and even possibly a $20 litecoin like Charlie warned about in...
So, as you can see, we COULD be looking at a bearish descending triangle pattern for bitcoin. I know that the line of support is not exactly clear, however, support is not a line, it is an area. The key pointer in identifying this pattern is that there have been 3 major lower highs, where bitcoin has failed to pass previous support turned resistance.
Keep in mind...
As you can see on the chart, the price retraced and found support at .618 level. Note the large wick as buyers were able to hold ~2200 sats, also the 4h 'swing low' candle with two higher lows on either side of itself. If this low holds expect a rally to test previous swing highs.
However, this trade is risky due to bitcoin being as it is now, alts/btc could...
Stellar has been going insane lately, however long wicks on 1D chart show price rejection at 4350 sats also coinciding with long term trend line (same with RSI).
-Price rejected @~4350 sats
-RSI reached just over 70, momentum now falling
-Massive buy volume over previous 2 days
-Very bullish if price is able to breakout of long term trend past 4500-4600...
Bitcoin needs to pull back after today's run to push higher.
-A revisit of $6100 or testing $6000 would be reasonable
-RSI oversold on shorter term time frames
-Long wicks revealing resistance at $6500, for upside to continue, we need to make new local highs above $6520.15
-This is a short term idea, medium-long term is bullish.
Good luck trading
