10.5k to sub 4k dump was brutal. An Absolute DEMON DROP. It originated from the 2nd underside touch of BTC to the 2/1 Gann Fan line from our 20k ATH (red boxes).
Another notable rejection on the chart, is the ~10.4k peak in late October, again the 2/1, but originating from the Jan/Feb lows of '19.
Taking our most recent Int Swing High, we're now testing the 3/1 from the downside. This is going to be an important decision point for BTC. If it's able to close over this line, and hold it, the 9k region, with the intersection of those 3 Fans, becomes a likely spot to target.
Should BTC fail to get over this green 3/1, low 6's are all but guaranteed, and lower would most certainly be on the table.
As always, practice solid risk management, good luck, and have fun.
Another notable rejection on the chart, is the ~10.4k peak in late October, again the 2/1, but originating from the Jan/Feb lows of '19.
Taking our most recent Int Swing High, we're now testing the 3/1 from the downside. This is going to be an important decision point for BTC. If it's able to close over this line, and hold it, the 9k region, with the intersection of those 3 Fans, becomes a likely spot to target.
Should BTC fail to get over this green 3/1, low 6's are all but guaranteed, and lower would most certainly be on the table.
As always, practice solid risk management, good luck, and have fun.
If BTC can close this week out over 8.5k, I see us making a run at the 10-10.5k area.