Good afternoon crypto traders. In my last related post, Until we hurdle 11.8k, I'm still bearish ...here's why?, I explained why my contrarian ass was still bearish despite all of the bullish fervor starting up again. Here is somewhat of an update to that post.
This morning we broke back down into our 2.5 month descending blue channel. We sat on the 10.9k price point for 4-5 hours where our .382 fib retrace level intersected with the first drawn neckline that, unfortunately, many believed to be the breakout line.
The bears then, proving they still had more in them, took us even further down to the bottom of our black ascending channel at 10.6k. If we break below this again, we will head back down to kiss our 200 day moving average one more time (currently at around $8865).
Keep in mind, there is a possibility that we could even retest our recent lows at around 6k and form a double bottom. Although, the probability of this occurring remains relatively slim at this point, given the strength that these bears are still showing, those odds are increasing daily.
Finally, I would be remiss if I didn't also mention a final scenario that the charts are still giving to me. This would be a final drop and touch of one of the support lines in our descending BLUE CHANNEL. Given time the price down there could be as low as 2-4k. Again, this is the least likely scenario. Nevertheless, it is still something I must mention as the charts are showing it as a possibility.
