Bitcoin: Another Tipping Point
So far, #Bitcoin has been following the more positive scenario I offered with the $8k range holding as a support level. It has been tested twice forming a small double bottom, BUT we have another problem. I overlooked this before. Below you can see two purple lines following trends down. One is the last fall down to $6k. I drew the line, copied and pasted it to our current down trend. I had to scale it down some, but like I said, lower volume means smaller movements. We are following the exact same downtrend we did before. We are this very moment at the tipping point. Previously, we broke this double bottom neckline but failed the retest and spiraled down to $6k. The move this time wouldn’t be quite that low—probably around $6500. If we turn up instead, we’ve broken the downtrend, and we can follow these parallel green dotted lines in an uptrend carrying us above $11.7k if we have the volume. If $8k is the bottom here, and this is the same uptrend as before, we should break $11.7k by $2500 or taking us to the next resistance level ($8500-$6000). We are about to find out what happens today. If we turn down, there’s a chance we can hold at the precious double top neckline (purple dashed line). The massive double bottom is still in play.
I’ll update this with more charts shortly.
UPDATE
03-12-18
11:20 am CST
We have broken the neckline and turned back down to retest. We are a bit low but we could still bounce and turn to the upside. However, going by the previous trend, this is not what happened.
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