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BTC WEEKLY CHART: "The Panic Zone" Weekly trend line breakdown
There is nothing but weakness indicated on all charts. This breakdown occurred on the daily chart a couple of weeks ago and has now affected the weekly chart. I don't provide free commentary about the daily chart activity.
There is some support at $430 but for the most part a retrace to the $338 line is highly probable. The reason is purely technical. This market has had a sustained rally for almost a year and it is time for a consolidation.
I would be surprised to see a breakdown into the "Panic Zone" which is below $275.
I fully expected to reach the blue dash line before the beginning of a correction. We almost made it. A new rally will not begin until the blue dash line is crossed. This will be in the 2 to 3 month time frame. For now, I'm waiting for cheaper coin to buy back in..
There is some support at $430 but for the most part a retrace to the $338 line is highly probable. The reason is purely technical. This market has had a sustained rally for almost a year and it is time for a consolidation.
I would be surprised to see a breakdown into the "Panic Zone" which is below $275.
I fully expected to reach the blue dash line before the beginning of a correction. We almost made it. A new rally will not begin until the blue dash line is crossed. This will be in the 2 to 3 month time frame. For now, I'm waiting for cheaper coin to buy back in..
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