Bitcoin: Another Moment of Truth?
Things are getting interesting. You can read my post from yesterday here. In that post, I showed how the current downtrend is a mirror image of the previous downtrend that took us to $6k. In the image below, I've shown two of the three possible outcomes today. The one not listed would be the creation of an entirely new trend and pattern (possibly sideways movement). We appear to be sticking to this previous upwards trend (green dotted line), but we are approaching a point of failure that could reverse us back into a previous strong downtrend. This would continue to mirror the previous fall to $6k.
CORRECTION ON CHART
The purple line is the breakout support, not the neckline. The gray line is the neckline.
Below is the zone of support and resistance. I've taken into account current and previous levels. It is possible that we could move sideways within this zone.
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