Just trying to show a clean view of the log downtrend line. I remain neutral right now because I believe we can push through from here, but wouldn't be surprised with a further rejection.
I feel like people are still far too bullish right now. I don't see any long term hodlers capitulating. If we continue the current path we could potentially grind out a very long and painful correction. Therefore I think it would be better to see a huge fast capitulation down to $1300 area or so. Then build the biggest V bottom of all time confirming its the start...
Just updating my cup and handle idea showing the H&S at the top which should trigger the downward momentum. Will we get some media fud to accompany this?
Guys keep an eye on the area in the yellow circle. If we keep our current trajectory it should be somewhere between $8640 & $8690 on Bitfinex. That is a key moment where we will test the supertrend line. If we pass it we are bullish but still face huge resistance. If we bounce downwards from it you want to keep an eye on the red box at the bottom as passing...
This is a very early call but several factors point to this as a possibility. $3k obviously seems like a very long way down but if the pattern plays out its possible.
