Bitcoin could drop as low as 41-43k in a move that duplicates the length of the downswing from ATH. Pitchfork provides a confluence as well as other price pivot points.
Evidence:
1) If the downswing from ATH to 47k is duplicated 100%, then we go from 59k to 42k
2) 43k and 41k are major swing points from previous price action on Jan 8, 2021, and Feb 28, 2021
3) 0.382 fib level from 3k to ATH is at the same region
4) Vegas Waves will provide support at around the same area
5) Pitchfork's red median line intersects all of the above at the same area
The level of confluence at 42k is undeniable. See you there
Evidence:
1) If the downswing from ATH to 47k is duplicated 100%, then we go from 59k to 42k
2) 43k and 41k are major swing points from previous price action on Jan 8, 2021, and Feb 28, 2021
3) 0.382 fib level from 3k to ATH is at the same region
4) Vegas Waves will provide support at around the same area
5) Pitchfork's red median line intersects all of the above at the same area
The level of confluence at 42k is undeniable. See you there
Trade closed: target reached:
Target reached at 42k but the daily candle still has about 7 hours to go to close. It's possible we bounce here, but it could also go as low as 37k to 35k, which is 127.2% - 138.2% fib level extensions of the A in this zigzag move down. It appears the RSI might make a higher low and some shorts were closed but not enough, meanwhile more longs were opened. Buyer confidence may be returning enough for a bounce?
Comment:
We're seeing a lot of volume at this price level on the daily candle. My hunch is that this is evidence for the bounce and trend change to upwards. However, there's still 3 hours and 30 minutes left for the daily candle to close. Meanwhile the price wicks past and under the red median line on the pitchfork but otherwise returns back to the diagonal median line on and off again
