If 6400 breaks look out below.
We impulsed down from our last high at 7400 and then created a bear flag type pattern. This is a consolidation recharging for another impulse down. This time things could finally get ugly. There have been many times that BTC gets near yearly support and everyone gets bearish, yet it never breaks. But never say never, and how many tests of a support before it fails. They get weaker with each test and we have tested the 6000 area many times already. This could very well be the start of a final descent into the depths of fear and panic.
6160 marks the low of this consolidation pattern and if broken it would be the confirmation that an impulsive down move would come next. Early indication, of the breakdown, would be 6400 breaking and holding below the bear flag lines. My 'Opinion' is that 6550 will not get surpassed and we will continue the systematic breakdown as we have seen over the last few days.
Daily Stoch has been in the overbought for an extended period of time, he is waiting for an opportunity to balance his scales.
RSI: No significant divergence's to note, although if we were to bounce up from here I would expect to see a bullish divergence from the lows but do not see anything significant.
Happy Trading
The fomo is real in crypto. If you are thinking that these are the all time lows right now and that you have to be in.. ask yourself... At what point has there been mass panic? People have lost a lot and it has been a difficult trading environment. But, there has not been any sort of extreme fear situation yet. When you feel that things are very extreme Hodler's you know are freaking out and selling, and when you yourself question Bitcoin's survivabaily and start to wonder if its dying or dead.. Then thats probably closer to the bottom than where we are now which is where we have been multiple times this year at the 6k area.
We impulsed down from our last high at 7400 and then created a bear flag type pattern. This is a consolidation recharging for another impulse down. This time things could finally get ugly. There have been many times that BTC gets near yearly support and everyone gets bearish, yet it never breaks. But never say never, and how many tests of a support before it fails. They get weaker with each test and we have tested the 6000 area many times already. This could very well be the start of a final descent into the depths of fear and panic.
6160 marks the low of this consolidation pattern and if broken it would be the confirmation that an impulsive down move would come next. Early indication, of the breakdown, would be 6400 breaking and holding below the bear flag lines. My 'Opinion' is that 6550 will not get surpassed and we will continue the systematic breakdown as we have seen over the last few days.
Daily Stoch has been in the overbought for an extended period of time, he is waiting for an opportunity to balance his scales.
RSI: No significant divergence's to note, although if we were to bounce up from here I would expect to see a bullish divergence from the lows but do not see anything significant.
Happy Trading
The fomo is real in crypto. If you are thinking that these are the all time lows right now and that you have to be in.. ask yourself... At what point has there been mass panic? People have lost a lot and it has been a difficult trading environment. But, there has not been any sort of extreme fear situation yet. When you feel that things are very extreme Hodler's you know are freaking out and selling, and when you yourself question Bitcoin's survivabaily and start to wonder if its dying or dead.. Then thats probably closer to the bottom than where we are now which is where we have been multiple times this year at the 6k area.
