Bitcoin daily chart has formed a massive bull flag. The price should drop to $5,800/$5,600 which would touch the bottom line of the bull flag. This level is also 0.786 on the Fib chart, also a strong support level. And finally this should create a double bottom with 12th Nov which should indicate a trend reversal. RSI is oversold too on the daily. Last time this happen we saw a bounce back to $11,500.
The target of the bull flag is $26,700.
Right now I am even considering if TA works for BTC. Seems like there is too much manipulation in the market. So don't take this as advise just my opinion on what could happen.
Let's wait and see what happens.
Good luck guys and may Bitcoin not drop below $5k. Ever! lol
The $5,600 - $5,500 range is a very important area for bitcoin. I agree with you that if it bounces there we are probably going for new all time highs this year. But if that range doesn't hold it will possibly drop a lot more, and who knows how much it will affect crypto in general.
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That's true, if the range doesn't hold we are dropping to $2.5k. I am hoping that once the tax year ends in both US and UK we will see money coming into the market and bull run will commence.
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