Blood in The Water! Sharks Rip Chunks From BITCOIN! (BTC)
Hi friends! Welcome to this update analysis on Bitcoin! As you can see on the chart, BTC -1.28% is dropping like a rock from the bear flag consolidation pattern. Just for the record, when I was posting charts about the bear flags yesterday, I got the usual push back from the amateur analysts (at best) who think they know it all. They told me the bottom was in, these weren't bear flags, blah blah blah. Listen, when you're in university, do you teach the professor, or does the professor teach you? Moving on, you can see that the breakdown is clearly continuing. My downside target looks like a magnet that's drawing BTC -1.28% directly toward it. With that said, it is not a 100% certainty that the target will be met. However, given the aggressive bearishness in this market, I think a test of the bottom of the downtrend channel (in pink) is highly likely.
If you recall from yesterday's post, I said "There is immense damage on this chart, and the majority of the resistance is to the upside. Don't let a little bounce, blind you into thinking the coast is clear." looking at the chart today, we can see that yesterday's bounce was a dead cat. Sell side momentum is increasing on the MACD , as it rolls over to form a bearish crossover, and red volume is picking up on the chart, signaling the return of the bears. You can see on the left side of the chart, just below the 786, there is a shelf of support that we are currently testing. Once that level breaks, BTC -1.28% should fall into an area of very little support. Therefore, BTC -1.28% could soon begin to accelerate to the downside, as it targets the bottom of the pink downtrend channel .