#MerryBinance we have reached an important milestone: 90K and we have lost it!
With the current ongoing downtrend after failing to retest 94, I have had warnings since the beginning of the week - the trend is gradually becoming bearish and losing the upward momentum towards 97 or 107.
The scenario continues to decline - the descending wedge pattern has been broken through - the 88K mark can be called a pullback point for big players to offload their holdings. Looking at the chart with previous sell-off points in history, the price this week could go down to 81 and the deepest could be 64K to complete the price frame!
The 81K mark - retest of the old support - creates 2 bottoms and rebounds back (a bit difficult - easy to lose)
The 74K mark - the old bottom from the beginning of the year - is the important support frame of 74-114. Losing 74 means moving down to the lower price frame at 54-72.
The 64K mark - important support of the monthly candle - there will be strong buying momentum at this level (range 60-64). This level can be called the bottom of the current downtrend. But when we get there, we need to see the price reaction to continue determining the trend!
In summary: Bearish and no upward direction for BTC (unless it can go back up to 94 =)))
With the current ongoing downtrend after failing to retest 94, I have had warnings since the beginning of the week - the trend is gradually becoming bearish and losing the upward momentum towards 97 or 107.
The scenario continues to decline - the descending wedge pattern has been broken through - the 88K mark can be called a pullback point for big players to offload their holdings. Looking at the chart with previous sell-off points in history, the price this week could go down to 81 and the deepest could be 64K to complete the price frame!
The 81K mark - retest of the old support - creates 2 bottoms and rebounds back (a bit difficult - easy to lose)
The 74K mark - the old bottom from the beginning of the year - is the important support frame of 74-114. Losing 74 means moving down to the lower price frame at 54-72.
The 64K mark - important support of the monthly candle - there will be strong buying momentum at this level (range 60-64). This level can be called the bottom of the current downtrend. But when we get there, we need to see the price reaction to continue determining the trend!
In summary: Bearish and no upward direction for BTC (unless it can go back up to 94 =)))