It's basically the same pattern.
A bearish setup, but it took off quickly on October 10.
What happened back then was Bitcoin shot up to its all-time high, then it dropped, did a retest, and then crashed.
We're kind of seeing the same movement here, but for the crash scenario, we need to break 79800, then 75700 and 74900 on a daily candlestick.
If it drops to the target of 62k, it doesn't mean a crash; it just means it will take longer. If we see a similar move, the daily candle needs to keep dropping at 78k, and tomorrow's candle needs to dump to 62k. Two scenarios are equal in price but different in timing. #BTC
$BTC #BinanceOnline
A bearish setup, but it took off quickly on October 10.
What happened back then was Bitcoin shot up to its all-time high, then it dropped, did a retest, and then crashed.
We're kind of seeing the same movement here, but for the crash scenario, we need to break 79800, then 75700 and 74900 on a daily candlestick.
If it drops to the target of 62k, it doesn't mean a crash; it just means it will take longer. If we see a similar move, the daily candle needs to keep dropping at 78k, and tomorrow's candle needs to dump to 62k. Two scenarios are equal in price but different in timing. #BTC
$BTC #BinanceOnline