Either we bounce off the 50MA on the daily candles or we break the linear trend on the logarithmic scale (parabolic trend) or we are going to move to lower levels.
We need to bounce here otherwise next targets are 7,5k 5k and 2,8k that act as support areas. A strong break of 10k on the leading exchanges (most preferable bitfinex) would make us drop down.
If we make a strong bounce from here we will continue the parabolic rise and see much higher levels this year. If not we will enter a prolonged consolidation period that could take months.
The pace of the decline we are following now could lead us to an intersection of the 200 MA and the support at 5k.
We need to bounce here otherwise next targets are 7,5k 5k and 2,8k that act as support areas. A strong break of 10k on the leading exchanges (most preferable bitfinex) would make us drop down.
If we make a strong bounce from here we will continue the parabolic rise and see much higher levels this year. If not we will enter a prolonged consolidation period that could take months.
The pace of the decline we are following now could lead us to an intersection of the 200 MA and the support at 5k.
My ideas are not meant for trading advice, always do your own research. Always be prepared for bull and bear scenarios
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If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ