gandolfthegray

BTC may be setting up for another drop

BITFINEX:BTCUSD   Bitcoin / Dollar
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BTC             appears to have gone through a couple triangle patterns (currently appears to be wrapping up a second one. Evidence for the triangles is supported by the lower highs and higher lows as opposed to a hard resistance level (shown in by the rectangles).

If this pattern holds true, BTC             is setting up to drop in less than 24 hours. If the drop is similar in magnitude to that seen earlier, it will align with previous support (seen last year) in the general 6000 range.

It does seem likely, however, that there will be a lot of buyers in the 8500 range, as this has been a location cited commonly in recent weeks. Given this proposed support level , it maybe a good chance to buy in for a 10-20% bounce. Then depending on what happens after that, selling or holding for longer periods.

Alternatively, BTC             could breakout of the current triangle and increase, though there has been little evidence for sufficient volume to make this breakout (it could have happened with the last test of the upper resistance of the triangle, but didn't breakout.

Predictions are very difficult now, so please come to your own conclusions. Based purely on recent trends, it looks like we could go down further.
Kommentar: Zoomed out to show previous support levels.

Kommentar: Looks like BTC is trying to break out, but volume has been underwhelming. Still struggling with resistance at 11700. Time will tell, but it appears a lot of buyers are unconvinced and content to wait for whatever it is they want to see.

There's actually fundamental news to those drops. Like Government scares, banning anon trading and recently an exchange Coincheck getting hacked. Unless more bad news happens I don't see 8k a possibility. If there's no bad news then the market will keep rallying.
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gandolfthegray hosweetim89
@hosweetim89, Thanks for the comment. I hope you're right.
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