These support lines act like a floor. However, the more the market knocks on the floor, the better the chance it has to break through. If Bitcoin falls through, it will test the lows of the move. And if that floor isn't strong enough, it opens the door to much lower prices.
There is also a smaller pattern and we just fell through the neckline. At this point, I hope we hold, but it is more like (60-70%) that we fall through and visit $12k.
If you haven't started thinking about protecting capital, now is a good time. If it holds, you can buy back. I'm just afraid with the holiday weekend, there won't be enough buyers to keep us up in these levels.
Now that the holidays are over, we will start seeing the volume pick up so price action today will be of great interest. Hopefully we see some bottoming patterns start to form and allow us to take a position.
In my original post, I got out around $15500. I would love to buy back lower but I want to see more bullish signs before I get back in.
It was better than 50-50 that it broke and it has finally broke. I expect us to at least test 12,600 tonight. Hope that holds.
Everything with TA is probabilities. It can turn right here. It could also drop a big red candle to 10,000 and completely ignore 12600.