Going down to 9k?
In short, if (price) drops to 9k then moon.
If we don't break the purple rectangle residence area of [10.4,10.6| with good volume we might go all the way down to the green logarithmic support line of 9k.
Let me break down why I believe this could happen. This purple rectangle has been acting as resistance for a while now, and recently, we have been rejected by this rectangle area two times already which is bad, bigtime.
Now let's say we failed to break this residence and we head towards the downside, now the only thing left to do will be to find the landing zone, the good old 9.1k will do it just fine. 9.1k lines perfectly with the green line and the significance of this will be that the support is strong and once we landed safely in this support line maybe, just MAYBE this will be the last time we will ever see bitcoin at 9k.
If we don't break the purple rectangle residence area of [10.4,10.6| with good volume we might go all the way down to the green logarithmic support line of 9k.
Let me break down why I believe this could happen. This purple rectangle has been acting as resistance for a while now, and recently, we have been rejected by this rectangle area two times already which is bad, bigtime.
Now let's say we failed to break this residence and we head towards the downside, now the only thing left to do will be to find the landing zone, the good old 9.1k will do it just fine. 9.1k lines perfectly with the green line and the significance of this will be that the support is strong and once we landed safely in this support line maybe, just MAYBE this will be the last time we will ever see bitcoin at 9k.
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