Everything is in the chart but lets review my take.
Leaving wolfewave pattern aside, we were in an ascending triangle which broke down, uncommon but not rare sighting. Bulls were hoping it to break out but if I have learned anything from Bitcoin, it works against all odds.
So we broke down and now bulls are trying really hard to get back inside it, which will make this triangle completely invalid and we may see 71-72k once again.
On the flip side, if 69500 is not penetrated in next 4-8 hours, then we will retrace back as bulls will lose the steam and Asian markets will take over which is typically selling off things, and if Friday US market is in bad shape then bulls will turn bears to retest under 60k in coming week.
Leaving wolfewave pattern aside, we were in an ascending triangle which broke down, uncommon but not rare sighting. Bulls were hoping it to break out but if I have learned anything from Bitcoin, it works against all odds.
So we broke down and now bulls are trying really hard to get back inside it, which will make this triangle completely invalid and we may see 71-72k once again.
On the flip side, if 69500 is not penetrated in next 4-8 hours, then we will retrace back as bulls will lose the steam and Asian markets will take over which is typically selling off things, and if Friday US market is in bad shape then bulls will turn bears to retest under 60k in coming week.
