It looks like we found support at our most important trendline of the past - I think can experience some more slightly down movement compared with an accumulation phase in the next days, but no bigger drop should be expected.
BTC halving is around the corner, the stock market is on fire and the crash right in front of the door.
Bitcoin will have it's time, and currently I think there are 2 main reasons for the drop:
1. Washing out weak hands which got in because of "the halving" and increasing price expectations because of this.
2. When we zoom out the chart, we see a giant potential inversed head and shoulders formation, where we are currently building up the second shoulder before the rise.
Will keep this post updated in the next days!
BTC halving is around the corner, the stock market is on fire and the crash right in front of the door.
Bitcoin will have it's time, and currently I think there are 2 main reasons for the drop:
1. Washing out weak hands which got in because of "the halving" and increasing price expectations because of this.
2. When we zoom out the chart, we see a giant potential inversed head and shoulders formation, where we are currently building up the second shoulder before the rise.
Will keep this post updated in the next days!
Trade active:
Add up to the second idea: Maybe this is what the market needed to gain enough strenght for an even bigger rise up.
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When we zoom out we can see that we hammered down to an important supportline after we formed a double bottom. So this looks like a fakeout to the bottom with bullish signal to me.
When we zoom out we can see that we hammered down to an important supportline after we formed a double bottom. So this looks like a fakeout to the bottom with bullish signal to me.
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