Well, if you are still against Technical Analysis on Bitcoin, well, take a look again.
The Blue support line was a strong line that if broken would make Bitcoin fall hard. And yes, it did brake, and yes Bitcoin did drop in price... Hard. See the Shite Skinny Arrow.
Being such strong support, Bitcoin lingered around it undecided finding buyers at these levels but once these buyers were gone, then the price collapsed.
So where do we go from here? The next line is $240, yup, that far down but only a few dollars away. But my guess is that we go far down below even more. To touch the green line part of the falling wedge.
On my first post I described the two scenarios, a Pennant and a Falling Wedge. We are back on the Falling Wedge.
Note: None of the lines below have been adjusted since the first post. I have only added lines and traces as we go.
Cheers
The Blue support line was a strong line that if broken would make Bitcoin fall hard. And yes, it did brake, and yes Bitcoin did drop in price... Hard. See the Shite Skinny Arrow.
Being such strong support, Bitcoin lingered around it undecided finding buyers at these levels but once these buyers were gone, then the price collapsed.
So where do we go from here? The next line is $240, yup, that far down but only a few dollars away. But my guess is that we go far down below even more. To touch the green line part of the falling wedge.
On my first post I described the two scenarios, a Pennant and a Falling Wedge. We are back on the Falling Wedge.
Note: None of the lines below have been adjusted since the first post. I have only added lines and traces as we go.
Cheers