Not based on anything other than waiting for this to play out.
1. Could be a possible descending triangle in play for a further drop
2. Could be a fake descending triangle for a further drop to shake out the panic sellers and target leverage traders and then pop right back into the triangle for another leg up.
3. Could also play out as some people speculate a drop to fill the gap at the @ $25k area still awaiting to be filled. We may even have a wick to restest the previous all time high @ $20k but I would envisage a very quick bounce if this did play out. Again, just a guess.
Not panicking, just waiting for my red box support to hold. I will consider selling if I see a double daily or 12 hour candle closure under the red box.
1. Could be a possible descending triangle in play for a further drop
2. Could be a fake descending triangle for a further drop to shake out the panic sellers and target leverage traders and then pop right back into the triangle for another leg up.
3. Could also play out as some people speculate a drop to fill the gap at the @ $25k area still awaiting to be filled. We may even have a wick to restest the previous all time high @ $20k but I would envisage a very quick bounce if this did play out. Again, just a guess.
Not panicking, just waiting for my red box support to hold. I will consider selling if I see a double daily or 12 hour candle closure under the red box.