💥 BITCOIN FALLS WITHIN CHANNEL! 💥
Hey! Gonna keep this quick since it's important but let's get into the dive of things!
In the last Bitcoin idea I basically just told you guys to watch out for that descending channel as it was looking like we could possibly enter it thanks to that Death cross that was starting to form. For those that are new to the term a death cross is a chart pattern that shows when the crypto or stock is showing weak activity in price and is made up of two EMA's which are the moving averages that help show price over a period and can help us identify potential events before they happen. Thanks to that I was calling out the death cross for BTC just like I did for XRP.
And surprise we've fallen back into that descending channel now so that's definitely not great as it could push us into $19,000 and $18,000 territory respectively as 3 Arrow Capital's positions get liquidated following their $670 million default on the loan from Voyager and Celsius faces trouble. On top of that we've got everyone calling this the crypto winter which just doesn't help with anything making market sentiment and bringing down investor confidence, causing more selling in turn.
Anyway a mountain fall and in follow a death cross is what happened/formed on the chart and what started this cascade that brought BTC down alongside the liquidation of AC which in the least bit is not fun at all for the market to have to bear now. I've marked this idea as short as Bitcoin can definitely continue to continue to fall amid the liquidation of 3AC.
Linked below is a chart showing BTC on the 15 minute basically fighting for it's support above that 20k mark.
https://www.tradingview.com/x/vsYBHdwh/
If we fall below $20,000 which we are basically already at then you need to watch $19,700 and $19,600 where those HTF levels show strong volume. That'll likely be where support would kick in if anything, otherwise if support doesn't show then expect us to keep sliding until we next see that 50 day EMA (In blue) enter another mountain. Till then we can definitely continue this slide. Read my next idea if you want more info on 3 Arrows Capital liquidation.
Thank you guys and keep well, if you like the idea a like or follow would be much appreciated, thank you!
~ Rock
In the last Bitcoin idea I basically just told you guys to watch out for that descending channel as it was looking like we could possibly enter it thanks to that Death cross that was starting to form. For those that are new to the term a death cross is a chart pattern that shows when the crypto or stock is showing weak activity in price and is made up of two EMA's which are the moving averages that help show price over a period and can help us identify potential events before they happen. Thanks to that I was calling out the death cross for BTC just like I did for XRP.
And surprise we've fallen back into that descending channel now so that's definitely not great as it could push us into $19,000 and $18,000 territory respectively as 3 Arrow Capital's positions get liquidated following their $670 million default on the loan from Voyager and Celsius faces trouble. On top of that we've got everyone calling this the crypto winter which just doesn't help with anything making market sentiment and bringing down investor confidence, causing more selling in turn.
Anyway a mountain fall and in follow a death cross is what happened/formed on the chart and what started this cascade that brought BTC down alongside the liquidation of AC which in the least bit is not fun at all for the market to have to bear now. I've marked this idea as short as Bitcoin can definitely continue to continue to fall amid the liquidation of 3AC.
Linked below is a chart showing BTC on the 15 minute basically fighting for it's support above that 20k mark.
https://www.tradingview.com/x/vsYBHdwh/
If we fall below $20,000 which we are basically already at then you need to watch $19,700 and $19,600 where those HTF levels show strong volume. That'll likely be where support would kick in if anything, otherwise if support doesn't show then expect us to keep sliding until we next see that 50 day EMA (In blue) enter another mountain. Till then we can definitely continue this slide. Read my next idea if you want more info on 3 Arrows Capital liquidation.
Thank you guys and keep well, if you like the idea a like or follow would be much appreciated, thank you!
~ Rock
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