Bitcoin Breaking Market Structure
Güncellendi
What's going on guys!
It's another sad day for crypto HODL'ers as the price of
Bitcoin continues to get hammered.
I'm pro-crypto, but I'm not one to choose to go against what the market is telling us. If we look closely, we can see a negative resistance holding the price of Bitcoin down. It attempted to rise at
12K and 10k and failed at both price points. We are seeing lower highs, which is indicative of a bearish trend. For a while, the market structure was set up with bottoms at about $6500. This meant we we seeing higher lows, but not necessarily lower lows. Just a few days ago, we saw Bitcoin break through this market structure and head for lower lows. This would play into the narrative of an Elliot wave theory continuing into leg C on the down side.
Next stop is $5500 and from there, about $4250. We are going to see how low this thing goes.
It's another sad day for crypto HODL'ers as the price of
Bitcoin continues to get hammered.I'm pro-crypto, but I'm not one to choose to go against what the market is telling us. If we look closely, we can see a negative resistance holding the price of Bitcoin down. It attempted to rise at
12K and 10k and failed at both price points. We are seeing lower highs, which is indicative of a bearish trend. For a while, the market structure was set up with bottoms at about $6500. This meant we we seeing higher lows, but not necessarily lower lows. Just a few days ago, we saw Bitcoin break through this market structure and head for lower lows. This would play into the narrative of an Elliot wave theory continuing into leg C on the down side.Next stop is $5500 and from there, about $4250. We are going to see how low this thing goes.
Not
"This meant we we seeing higher lows, but not necessarily lower lows."TYPO
I meant "we are seeing lower highs, but not necessarily lower lows."
Feragatname
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