🔎Alright so to keep things simple Bitcoin has lost it's cool and chilled out a bit too much falling below and out of our channel following the relatively weak support that had been showing the past few days. Thus we exited the channel once more and have fallen as you guys can see already here. This is the previous idea by the way to demonstrate the channel.
🔎In that idea we noted how we were basically testing and this is the result of that testing, we failed the test and fell so now we can identify that support which kicked in at our green mark of $15,680. I placed that marking roughly a week or two ago and we've hit it spot on which is good and bad. The bad is that it's the second time we hit this point only having touched once in the past two years one other time which happened on the 9th of this month. Good thing is that we found support where we did once already and I hope we can regain that 200 EMA but so far the first test didn't look too successful and it'll definitely take some good buy pressure to actually accomplish that so we'll have to see.
🔎Whether or not bulls win this test will definitely make all the difference and should we fail I would not be surprised for us to approach $10k soon enough as we'll hit a lot of sell and stop loss orders below $15,680 most likely. That's not even including leveraged futures so keep tuned and if you'd like to leave a like or follow it'd be much appreciated, thank you and wishing well.
~ Rock '
🔎In that idea we noted how we were basically testing and this is the result of that testing, we failed the test and fell so now we can identify that support which kicked in at our green mark of $15,680. I placed that marking roughly a week or two ago and we've hit it spot on which is good and bad. The bad is that it's the second time we hit this point only having touched once in the past two years one other time which happened on the 9th of this month. Good thing is that we found support where we did once already and I hope we can regain that 200 EMA but so far the first test didn't look too successful and it'll definitely take some good buy pressure to actually accomplish that so we'll have to see.
🔎Whether or not bulls win this test will definitely make all the difference and should we fail I would not be surprised for us to approach $10k soon enough as we'll hit a lot of sell and stop loss orders below $15,680 most likely. That's not even including leveraged futures so keep tuned and if you'd like to leave a like or follow it'd be much appreciated, thank you and wishing well.
~ Rock '
