Told you so.
Now that the price is testing testing support at 6900ish for the third time in four months, there are a few TA items of note moving forward.
1.Third Time the Charm This is the third time BTC has used 6900ish as a support level. Generally, this is a bull sign if it holds - the only downside thus far is that the bounce from this level hasn't been strong (or, maybe, hasn't existed at all) this time around. Another day or two, and we'll know.
2. Price action falls out of channel So, now, in order to reverse the trend, BTC will be forced to beat the lower channel line as a resistance line. To make matters worse, this will probably also coincide with the 12, 26 and 200 day EMA lines - that's a LOT of resistance, and the market has shown over the last six months that there isn't enough juice to get through even small(er) levels of resistance.
3. You're still here, so there hasn't been enough pain yet Plain and simple - the bleed hasn't shaken out enough people yet - but it will.
Expect the price to continue dropping, next chop session at about 6k, and from there we'll make some new decisions on the direction this thing i going.
Now that the price is testing testing support at 6900ish for the third time in four months, there are a few TA items of note moving forward.
1.Third Time the Charm This is the third time BTC has used 6900ish as a support level. Generally, this is a bull sign if it holds - the only downside thus far is that the bounce from this level hasn't been strong (or, maybe, hasn't existed at all) this time around. Another day or two, and we'll know.
2. Price action falls out of channel So, now, in order to reverse the trend, BTC will be forced to beat the lower channel line as a resistance line. To make matters worse, this will probably also coincide with the 12, 26 and 200 day EMA lines - that's a LOT of resistance, and the market has shown over the last six months that there isn't enough juice to get through even small(er) levels of resistance.
3. You're still here, so there hasn't been enough pain yet Plain and simple - the bleed hasn't shaken out enough people yet - but it will.
Expect the price to continue dropping, next chop session at about 6k, and from there we'll make some new decisions on the direction this thing i going.