Depending on how you draw your trend lines it appears as if BTC either broke back within this pennant or has broken below the pennant. To me it looks like it broke down.
RSI is dropping and volumes are dropping.
BTC has found support at 34k several times already and will likely find at least temporary support there again.
I expect it to break below this level though and for us to head down and test 30k.
A measured move from here from the top of the pennant to the bottom would have us going down 30% near 25k.
Could get very bloody over the next week. I'm not convinced 25k is the bottom either.
The daily charts look much the same.
Let me know if you agree or share your opinions.
RSI is dropping and volumes are dropping.
BTC has found support at 34k several times already and will likely find at least temporary support there again.
I expect it to break below this level though and for us to head down and test 30k.
A measured move from here from the top of the pennant to the bottom would have us going down 30% near 25k.
Could get very bloody over the next week. I'm not convinced 25k is the bottom either.
The daily charts look much the same.
Let me know if you agree or share your opinions.
