Despite the drama you may have witnessed between Bitcoin maxis and Elon Musk this past weekend, Bitcoin was showing signs of a trend change for weeks now.
- In my chart drawings you can see that BTC was struggling to break and hold $60k
- Sellers eventually pushed price down which can be observed with the break of the ascending trendline.
- After price broke the trendline, price made a new lower-low (April 25) and retraced back (61.8% Fib retracement) to form a new higher-low (May 1 - May 10)
- Then on May 12th Elon tweeted about Tesla not accepting BTC as a form of payment which resulted in the massive sell off.
- In my chart drawings you can see that BTC was struggling to break and hold $60k
- Sellers eventually pushed price down which can be observed with the break of the ascending trendline.
- After price broke the trendline, price made a new lower-low (April 25) and retraced back (61.8% Fib retracement) to form a new higher-low (May 1 - May 10)
- Then on May 12th Elon tweeted about Tesla not accepting BTC as a form of payment which resulted in the massive sell off.