This is my take on the current situation.
BTC is currently on the support of the last high, this would be a perfect retest and a possible double bottom for BTC.
However, BTC is also forming a bearish triangle with a measured move going way below 10k.
I believe the crypto marked is trying to bottom,
The last few weeks the market has felt different, some ALT coins has been popping, and a lot of bullish idea can be found on different charts.
We might see one move lower and experience a max pain scenario before reversing.
At this point i believe there's a lot more upside potential than downside potential.
This setup provides to options:
Go short if the bears break through the red support line.
Go long if bulls break the green resistance line.
BTC is currently on the support of the last high, this would be a perfect retest and a possible double bottom for BTC.
However, BTC is also forming a bearish triangle with a measured move going way below 10k.
I believe the crypto marked is trying to bottom,
The last few weeks the market has felt different, some ALT coins has been popping, and a lot of bullish idea can be found on different charts.
We might see one move lower and experience a max pain scenario before reversing.
At this point i believe there's a lot more upside potential than downside potential.
This setup provides to options:
Go short if the bears break through the red support line.
Go long if bulls break the green resistance line.