Bitcoin Broke Its Key Level: Here’s What Comes Next

in #bitcoin2 years ago

In technical analysis, descending triangles that are long in nature tend to forecast a big move. The reason for this is the downward move that is flushing out the weaker hands will eventually reach a support line.

It is at this point that the market has a decision to make. With the weaker hands gone, if the bottom of the triangle does hold, the reversal of trend is usually powerful.

The challenge is if the support level does not hold. Breaching this means the remaining hands are suddenly full of fear because the drop is powerful.

Yesterday, bitcoin, which was in a long descending triangle broke out to the downside. The move, as everyone knows, was fierce.

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Awesome explanation, thank you!

Next comes 3k to 1k BTC phase 2 is broken.
Unless we go back to 6100$ by sunday.

If that happens I'll pay the interest for a cash advance on my credit cards!

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Support level at that point already break out and i guess downward movement is possible to $4K or less till the end of the year.

DELETE

sorry @finprep i was mistaken

🙃

TLDR: it went up, it went down. And now it might go up, or it might go down.

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