Bitcoin Breaking Market Structure
What's going on guys!
It's another sad day for crypto HODL'ers as the price of
BTCUSDT
continues to get hammered.
I'm pro-crypto, but I'm not one to choose to go against what the market is telling us. If we look closely, we can see a negative resistance holding the price of Bitcoin down. It attempted to rise at $12k and $10k and failed at both price points. We are seeing lower highs, which is indicative of a bearish trend. For a while, the market structure was set up with bottoms at about $6500. This meant we we seeing higher lows, but not necessarily lower lows. Just a few days ago, we saw Bitcoin break through this market structure and head for lower lows. This would play into the narrative of an Elliot wave theory continuing into leg C on the down side.
Next stop is $5500 and from there, about $4250. We are going to see how low this thing goes.
It's another sad day for crypto HODL'ers as the price of
BTCUSDT
continues to get hammered. I'm pro-crypto, but I'm not one to choose to go against what the market is telling us. If we look closely, we can see a negative resistance holding the price of Bitcoin down. It attempted to rise at $12k and $10k and failed at both price points. We are seeing lower highs, which is indicative of a bearish trend. For a while, the market structure was set up with bottoms at about $6500. This meant we we seeing higher lows, but not necessarily lower lows. Just a few days ago, we saw Bitcoin break through this market structure and head for lower lows. This would play into the narrative of an Elliot wave theory continuing into leg C on the down side.
Next stop is $5500 and from there, about $4250. We are going to see how low this thing goes.
TYPO
I meant "we are seeing lower highs, but not necessarily lower lows."