Hello, dear subscribers!
Today there was 20% dump in Bitcoin price. We will try to understand is this is correction or begiining of a huge crash.
We can see that yesterday the price formed the symmetric triangle which was broken down. This is a clear bearish sign and we saw the natural dump after that.
The price tested twice the R2 level of $37000, second time it was able to break it down too.
In a few hours price reached the R1 level of $32900 and bounced off it. Now it is testing this level again. As a result we have 2 possible scenarios.
The first one is the R1 level breakout, it means the possible crash to the $25200 of CPR level.
The second one is the second bounce off this level. In that case the price should form the double bottom pattern. Only if this pattern would be formed we can speak about bullish pressure dominance and new ATH in the nearest future.
Also we should take in account that now price was influenced by 20% correction which is normal during BTC price rally since September.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Today there was 20% dump in Bitcoin price. We will try to understand is this is correction or begiining of a huge crash.
We can see that yesterday the price formed the symmetric triangle which was broken down. This is a clear bearish sign and we saw the natural dump after that.
The price tested twice the R2 level of $37000, second time it was able to break it down too.
In a few hours price reached the R1 level of $32900 and bounced off it. Now it is testing this level again. As a result we have 2 possible scenarios.
The first one is the R1 level breakout, it means the possible crash to the $25200 of CPR level.
The second one is the second bounce off this level. In that case the price should form the double bottom pattern. Only if this pattern would be formed we can speak about bullish pressure dominance and new ATH in the nearest future.
Also we should take in account that now price was influenced by 20% correction which is normal during BTC price rally since September.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
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