As we can see by my relatively poorly drawn imaginary lines BTC has formed a simmilar pattern each time we have broken down lower.
Now. Im by no means suggesting that this is any form of advice this is meerly a personal perspective I've whipped together over a cup of coffee .
Now most people say that TA doesnt work in crypto and i can see and understand that perspective in most cryptos, but TA is a tool to find good physiological levels in which people will be looking at for entries. TA doesnt work in low markets unless you are looking at market cycles and possible fractals which is understandable. How ever the king of crypto has held the most pretty much consecutively since these markets began. Mainly due to the fact that its the largest and most well know, also granted that most other alts have a pair to trade against BTC . Therefor i belive that TA will work well (not perfectly) with BTC generaly due to how many people day trade BTC (not the best idea unless your a super fucking pro with balls of titanium).
Im only opening my perspective to the public to share an oppinon. I know that bears will be jizzing on this chart. I AM SUPER ON BTC . I dont think that mcafee will have to eat his dick beacuse i belive that his target could very will be reached, well maybe his first target (500k).
Again let me reiterate this not a sure thing and i hope to fucking jeebus that this doesnt happen. But prepare your anus for every eventuality.
Red lines on chart = resistance
Green lines on chart = Support
Horizontal lines i have found by identifying support or resistance by looking left
Notice the similarity in the before each drop .
Pendants are getting smaller so this could be a good sign of a turn around, if we have a daily close above the red resistance line on the last pendant i would be happy to assume a trend turn around with more confirmations i.e candles. but obviously a break lower would confirm a further downward movement. a good short oppurtunity.
(IDGAF If my spelling is off so you shouldn't ether)