Why I think BTC is heading for another low
- Our major support line crosses the down trending top line at $4400. We won't have real strong consolidation until then and in fact I would feel much safer if we just went down to that level before taking off.
- I think we might have a head & shoulders forming (purple)...what happens with a head & shoulders? Look for instance what happened not too long ago with the tiny inverse head & shoulders we had (green)...
- We've broken the .618 fib line. The next fib line is at .786..and will coincide with our major support line that's been holding since bitcoin's birth!
- And not that we need a reason for a chart to complete a market cycle...but there always is; https://www.ccn.com/newsflash-sec-stays-wednesday-decision-denying-bitcoin-etf-applications-commission-will-review/
We do however have very, very, very strong support at $5800 that we've tested 3 times now...will it hold a 4th time? Time will tell. :-)