The weekly chart can be deceiving. Looking at USDMXN, the chart was extremely similar recently. Notice how USDMXN rallied after hitting that low.
Markets have a way of putting pressure as much as they can just so you could throw in the towel.
If the price of BTC goes below 6800 then we will have a very different chart. For now, I believe the outcome will look similar to USDMXN. Keep in mind, I am NOT saying USDMXN and BTC are even close to related or correlated. I am simply looking at the chart and making a claim that a similar rebound can happen to bitcoin down here.
Markets have a way of putting pressure as much as they can just so you could throw in the towel.
If the price of BTC goes below 6800 then we will have a very different chart. For now, I believe the outcome will look similar to USDMXN. Keep in mind, I am NOT saying USDMXN and BTC are even close to related or correlated. I am simply looking at the chart and making a claim that a similar rebound can happen to bitcoin down here.