Not popular thing to say I know.. but I'm not saying it, the chart is.Although not the BLX chart, we'll have to wait a few more day. However if the head & shoulders is confirmed (and 3-day charts are not to be ignored) then the drop will be a new opportunity for many. I think 7k is certain for the simple reason.. we've not yet tested support on the 200-day moving average as in the last bull run. That's huge. Furthermore the oscillators are indicating more downward movement, most notably the RSI. Have a close look, it has tested the indicated trend line not once, not twice, but three times and been rejected. This is a worrisome indicator for any bulls out the there. Strong resistance such as this will not be easily overcome.
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Revised to 5.2k. Don't know how many people are paying attention to the monthly chart.. but they are very powerful and not to be ignored.
The monthly chart clearly shows us a gravestone DOJI and Stochastic RSI crossing down. Yes, long term bullish but not before a retest of 5.2k.
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Where does the bleeding end. I don't think we'll get all the way to 4.2k, but 4.8k to 5k seems likely if the last time the RSI was down here is anything to go by. My indicator (with colourful bands) uses three oscillators, money flow, RSI, & Stochastic RSI, whilst adjusting the used coefficients for bear or bull markets. The last time it fired orange indicated a massive oversell. We're at this position again, which takes approximately 30 days to recover.
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These two charts are painting a vey bearish outlook. An Elliot wave pattern across dominance:
The rate of price correction indicated by the tightening Bollinger Bands on this 1-day chart is suggesting a big move to the downside is imminent.
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3-day death cross - now we were for support on RSI. Be patient, wait until the moon boys are rekt.
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should read "now we wait"
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So far so good - 21 week about to cross down the 200 day just as it did before (circled in blue).
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If this RSI resistance continues to hold in the coming days then expect a significant price correction. A breakout with following support would be very bullish. Until then this trade remains open.
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While the internet is going crazy with BTC breaking to new highs.. the resistance trend line reminds us something uglier could be in store. If the resistance continues to hold price will likely fall to 5.4k.
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If something amazing by midnight tonight CET time does not happen then we'll have ourselves a confirmed Gravestone DOJI on the 3-day chart. It is unlikely to be a false signal given the height of the Stochastic RSI.
A confirmed rejection from this trend line would mean price action landing around 5.2k, which just so happens to be golden ration & 200 week moving average as shown below.
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The power of a head & shoulders formation - not even I believed my own chart at the time of publishing!
Are we going down further to 1K? 2K 3k like all the Youtubers are screaming for? Absolutely not. 99% certain we're only going up from here.