bjames123

BTC Bad News Bears?

bjames123 Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
If history repeats, BTC breaks down to around $30K by the end of January. But if breakdown occurs, H&S could complete by end of February to beginning of March.

On the other side of things, there are multiple supports to consider. One is horizontal support is right around $40K. There is also diagonal support (thick, black line) with a few bounces:

• 8 Oct 2020
• 20-21 July 2021
• 7 Jan 2022

And the hash ribbons have typically shown (excl. e.g., end Dec 2019) that the price does not dip back below the lowest low of the few-days range preceding the buy signal. This means the warning signal is roughly $37.3K, in terms of the hash ribbons back test.
Comment:
Several bearish things have just occurred:

• Diagonal support broken on daily
• Hash ribbon level (~37.3K) broken on daily
• Neckline, either way you look at it, broken on daily
• .786 fib level broken on daily

However, on the daily, BTC is still (barely) hanging within the falling wedge.

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