Wanted to throw this out there.
BTC has made these ABC patterns twice this month. Last time we dropped to 29k which was the 1.272 retracement. A similar move would have us come down near 27k. A panic sell-off obviously can take us much much further.
Looking at the chart more I feel like we were in a bear pennant, broke bearish and have now been moving within a descending channel.
RSI on the 4 hour shows there's still plenty of room to drop. Volume is still low when comparing to this same price range during the bull run.
Once we break below this trend line I think 27k is our next stop. Maybe there will be support and BTC can move up... Though I don't see how we can realistically move up, or at the very least move up and hold support above 40k at this point without some major news.
BTC has made these ABC patterns twice this month. Last time we dropped to 29k which was the 1.272 retracement. A similar move would have us come down near 27k. A panic sell-off obviously can take us much much further.
Looking at the chart more I feel like we were in a bear pennant, broke bearish and have now been moving within a descending channel.
RSI on the 4 hour shows there's still plenty of room to drop. Volume is still low when comparing to this same price range during the bull run.
Once we break below this trend line I think 27k is our next stop. Maybe there will be support and BTC can move up... Though I don't see how we can realistically move up, or at the very least move up and hold support above 40k at this point without some major news.
