Bitcoin wasted no time ranging between 8k-10k with the price moving down faster than the predictive (pink) arrows.
The old red trend line didn't provide any support on the downward move (at 9.1k), and I'd expect other old trend lines (orange and blue) to behave similarly with the price passing through it, then maybe just working temporarily as new resistance as the price bounces.
Looking at a 3.2k target.
If it follows this pattern it wouldn't surprise me if it then ranges between 2k and 4k for a considerable period of time. This coin ranged between 13k and 16k for about a month before finally taking it's current price direction.
Then again, Bitcoin rarely fails to surprise the daylights out of the market.
** This information is for educational purposes only and is not advice for investments or trading **
The old red trend line didn't provide any support on the downward move (at 9.1k), and I'd expect other old trend lines (orange and blue) to behave similarly with the price passing through it, then maybe just working temporarily as new resistance as the price bounces.
Looking at a 3.2k target.
If it follows this pattern it wouldn't surprise me if it then ranges between 2k and 4k for a considerable period of time. This coin ranged between 13k and 16k for about a month before finally taking it's current price direction.
Then again, Bitcoin rarely fails to surprise the daylights out of the market.
** This information is for educational purposes only and is not advice for investments or trading **
Comment:
Potential retest of 9k. Should it go above, I'd expect a heads and shoulders pattern formation. If that happens then it's down to 3k.
