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Bitcoin - successive break-downs
It’s been a week of decidedly bearish action, with BTC breaking below two structural supports; one a short-term channel, the other was a line of support that had held since January.
Currently we see BTC flirting with support at 37.5k, however, another close below 38k confirms the break of the longer-term parallel channel and Bitcoin will be seeking out lower levels of support.
Three levels present as Fibonacci targets but only two as potential pivot-lows:
How will this play out? Will we see more down-side action into a capitulation event to reach these levels? What do you think will happen next?
Currently we see BTC flirting with support at 37.5k, however, another close below 38k confirms the break of the longer-term parallel channel and Bitcoin will be seeking out lower levels of support.
Three levels present as Fibonacci targets but only two as potential pivot-lows:
- 34.7k as the 0.5 projection of W-wave, coinciding with prior support;
- 31.6k as the 0.618 projection of the W-wave and a new bear-market low; and
- 28.3k to 27.1k as the zone for 0.786 for the W-wave, another new bear-market low, coinciding with the 0.618 retracement of the prior bull-run to 69k.
How will this play out? Will we see more down-side action into a capitulation event to reach these levels? What do you think will happen next?
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