Is It Correction or Ending Trend?

in hive-119463 •  2 months ago 

Today is one of the darkest day of Bitcoin. The price fell more than 20 percent for a day. Is such a big drop a correction or the end of the trend?

Here is a weekly chart why I say it is dangerous level of RSI. It is over end of 2017 pump. I was waiting for correction or ending trend but I came late! The late arrival of the expected decline made the decline bigger.

Ekran Resmi 20210111 20.34.00.png

Here is the trend line coming from 20K. The trend line has served as support for the time being. Fibonacci levels and support lines can be followed.

If the descending peaks, consolidation may occur in the long run.

Ekran Resmi 20210111 20.36.44.png

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Have a witness !BEER

The whole goal was for bitcoin to touch that pink line in your last image. After the initial touch, it was over. I believe the correction is over. Bitcoin needed this in order to go higher.

I still don't like the dips but it's looking like it might get to going back up... this upward momentum is super strong