14 Mar OMG! They did it!
Doesn’t seem that long since I was drawing these:
- Initial up-move in the wrong direction before the down-trend
- Points (Blue circles) to construct…
- …the downtrend channel (green lines)
We are far away from those above-8k levels.
Recently, I wrote:
Market is fluctuating between 8200 and 7777. Bulls are trying to bounce up from 7777, but no result so far. It looks like price is forming a balancing wedge pattern. Taking into account the previous price action and green lines of the current trend on hourlies, bears have more chances to resume the decline.
I was really very cautious about the bearish attempt. But they did it in a very aggressive way! Look at the point . This is a cluster chart from the Bitfinex exchange. Bearish pressure increased before the break-down.
Now Bitcoin is around 5k (!)
What is next?
Study the clusters below 5k level. It looks like some very big interest put Buy_limit orders. Most likely, it was an attempt to absorb the wall of Panic Selling flow. 5400 bitcoins were sold there. As the confirmation of this hidden-buying-idea, we got some sort of up-move.
I believe, the bitcoin price could not reverse very quickly after such a great dump. Nevertheless, the first signs of upcoming support arrive on the chart.