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Descending Triangle Formed BTC 07/12/2021

brendanlonsonの投稿

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Big buy order at 20k, little bit more at 17k, then 10k and 7k if it can get down there.

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The more times it tests a support, the weaker the support gets, especially when each bounce is less and less each time. Everyone who was buying at 30k support is starting to sell after not seeing any movement past 40k.

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BTC SHORTS

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I mean......

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BB Squeezing, Potential Solid Red Candle breakout to the downside.

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Bear Flag formed

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Bear Flag - Down

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this is kinda what I'm looking for at the moment

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Any time you have solid candles closing in the section of previous wicks, it means the previous wicks are giving way and about to continue trend, in this case down.

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It's basically a bear flag and has this kind of formation, excuse my sloppy drawing

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It's basically doing this, taken from AUD/Yen

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A look at the daily candle structure. The hammer formed yesterday was a potential sign of a bullish move, but the candle today invalidated that and actually says the opposite, that 30k support is weak and we could head down to the next level at 20k.

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Day's not over yet though but if it closes like that it's not nice.

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Chaos 3D indicator by PolarSolar, showing huge potential for continuation of downtrend.

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Above Purplish-Pink line = bullish #1 (2017)

Above Purplish-Pink line = bullish #1 (2020-2021)

Below Purple and Red lines = Bearish #1 (2018)

Below Purple and Red lines = Bearish #2 (present)

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Looking at BB, it seems like we like to hug that middle orange line. We are below it, so it could magnetically pull us back up to it, even if we drop down from 30k to 24-20k-17k.

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