Continue of bear market 2021

22 באוג׳ 2021

As we topped out at 65k, followed by blow off top to 30k, now we experience classical relief rally which is going to form a lower high. 50k is logical target with heavy resistence to get rejected , weekly volume is fading. Expecting reversal to 30k and as you can see in the chart we will continue with megapattern of descending triangle. Sooner or later we will breach it and reach our second target of 24k (first target after blow off top was 30k). from 24k area we will rise to 30k area to confirm it as new heavy resistence and continue downside to reach our ultimate bottom of 15k area. In case of stock market collapse which is also possible (s&p 500 is totaly overshooted and Dow transport is diverging with industrial average and s&p and nasdaq which are big warning signs ) the crypto market will plunge more down, with bitcoin breaching also 15k and continue lower.