- Warning - Btc Usd, the market is possibly still crashing.Hi traders,
The breakthrough attempt seems to have formed a double top with the second top reaching a lower level (11.700 Usd) than the previous top (11.800Usd).
This indicated more weakness than expected in the process of having tried to form a higher high. Bulls were not strong enough to even reach the level of the previous high, and Btc is now quickly correcting as expected.
Now we have 3 possible scenarios :
- Bulls regain strength and try to form a local higher high, they manage to form it with the help of potential Whales cash injections, and this leads us to the C&H target that has not changed.
- The just formed local double top makes Btc retest every support until it touches Btc line of life, that could create a bounce, to the C&H target.
- Btc goes below its line of life, and a capitulation sell-off goes on from the traders who joined the crypto boat on Oct, Nov, Dec, Jan, Feb, and even why not March, leading Btc to the indicated blue target.
We have some serious chances to retest the 6k, we need to see a local higher high, or Btc will still keep on diving.
Btc is still weak from its recent crash from the 19.500 Usd, retesting the 6k, and even ending up going below this support is a possibility in the coming month(s).
Past months investors are quickly losing hope to make fast money anymore in this market, be sure they will not hesitate leaving the boat instantly if they feel their objective to do quick money will not be met, and losing their money is happening to them instead.
I drew in blue a possible Btc pattern in case the market is still indeed crashing, with the worst case scenario of a crash till a capitulation sell-off occurs.
Good luck.
