Clear bearish reversal signs. BTC/USD Support levels.
We had a log scale touch of the trendline and got turned by it. What started as a correction turned into a downswing when we lost 10,800.
5 waves down from 20k to 6k, followed by a 3-wave correction, which made a double top and a false breakout: Clear bearish reversal signs. We are not out of the woods yet.
This picture gives you every support level: Every line could turn this move , and losing one might push it further down.
Where do we expect this to go and why?
First support; 10.2 : 0.618 and daily 50MA
Second support; 9,2k area:
Daily 200, Ascending channel breakdown target, prior low, major trendline support (in red), 0.236 fib of the big swing lower.
If we lose it, we will keep going down the gann-fan 0.92% lines till the 7800 level (1.618 of the last swing lower and bounce level on the major downswing; see where it touched the daily 200 before hitting 5.9k)
Finally a retest of the low at 6k,
Next stop 5200, and finally the bottom of the log scale downtrend channel between 3500 and 2800. This would take weeks and is unlikely to happen.
5 waves down from 20k to 6k, followed by a 3-wave correction, which made a double top and a false breakout: Clear bearish reversal signs. We are not out of the woods yet.
This picture gives you every support level: Every line could turn this move , and losing one might push it further down.
Where do we expect this to go and why?
First support; 10.2 : 0.618 and daily 50MA
Second support; 9,2k area:
Daily 200, Ascending channel breakdown target, prior low, major trendline support (in red), 0.236 fib of the big swing lower.
If we lose it, we will keep going down the gann-fan 0.92% lines till the 7800 level (1.618 of the last swing lower and bounce level on the major downswing; see where it touched the daily 200 before hitting 5.9k)
Finally a retest of the low at 6k,
Next stop 5200, and finally the bottom of the log scale downtrend channel between 3500 and 2800. This would take weeks and is unlikely to happen.
הערה
Nothing to suggest we've found support yet. Buy back in on the second white candle, first if you're into watching it for a day or two to be sure.
הערה
Local bottom is in here, right at the rend trendline. Still expecting to go lower; this is far from over. We've gone below the daily 200.
עסקה סגורה: היעד הושג
seems like the fat red trendline is turning the downtrend for the moment.הערה
Time for an update:We're breaking through the bottom red gan-fann line now.
Y'all know what that means;
New lows. Targets at the fibs. Watch tightly for reversals
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