📢🎓 As you can see, the price was holding on by a thread near the red, hypodermic trendline. Once it managed to break this trend, the price immediately and aggressively dropped. Thus, the market signaled the end of the current parabolic breakout. Currently, it is finding support on the parabolic curve; but on the lower timescales, it shows signs it might take one last move downward before a proper bounce occurs.
Since the hypodermic trend occurred once the market broke the linear trend, there is likely going to be very strong support there:
Since the hypodermic trend occurred once the market broke the linear trend, there is likely going to be very strong support there:
🎓 In the event that BTC-USD sees new lows, we can expect solid support in the upper $9900s to low $10,000s. From there we will likely see a bounce leading to a consolidation period, where the market will ultimately decide if it wants to resume the downtrend or break upwards. Given the fact that we broke out of a distribution trading range, it is likely that we will resume this down trend after any potential consolidation.
Distribution is the top of the market cycle and leads to a markdown in price once the trading range is broken. However, this is all up in the air right now and we will still have to see how bitcoin handles the next phase of consolidation. For now, don’t anticipate any radical lows ranging beyond the linear trend support shown above.
At this point, it doesn’t appear we have reached a selling climax. Although the selling has been intense, there is nothing terribly notable on the macro view of last nights aggressive moves:
Distribution is the top of the market cycle and leads to a markdown in price once the trading range is broken. However, this is all up in the air right now and we will still have to see how bitcoin handles the next phase of consolidation. For now, don’t anticipate any radical lows ranging beyond the linear trend support shown above.
At this point, it doesn’t appear we have reached a selling climax. Although the selling has been intense, there is nothing terribly notable on the macro view of last nights aggressive moves:
📌 There was a lot of volume during last night’s moves, but there wasn’t a selling climax that would notably mark what we would expect from such a fantastic drop in price. Anticipating lower lows in the coming days and weeks.
Summary:
📌 Bitcoin broke down out of its hypodermic trend.
📌 It is currently finding support on its macro parabolic trend.
📌 Another shove downward is likely, but we believe it will lead to a bounce to a medium-term consolidation period.
📌 Bitcoin broke down out of its hypodermic trend.
📌 It is currently finding support on its macro parabolic trend.
📌 Another shove downward is likely, but we believe it will lead to a bounce to a medium-term consolidation period.
CryptoBullet
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CryptoBullet
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CryptoBullet
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CryptoBullet
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We called it at 0.00000170
Estimated gained profit💰: +45%
Congratulations to those who followed the signal.
Hope you appreciate our work. We would be grateful if you shared our channel😊
CryptoBullet
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We called it at 0.000053
All targets successfully achieved 🎯
Estimated gained profit💰: +103%
Congratulations to those who followed the signal
Hope you enjoy our FREE signals.
#Pin_our_channel_on_top and stay always tuned!