Justaname
Justaname 1 minutes reading from Bitcoin

Bitcoin Correction Update: 15.6k Is the Bottom?

In this mini thread, I'll explain why I think 15.6k is the bottom for this correction for btc . I'm no expert, I'm just showing you what I see.

1. If you look at the Linear chart, BTC broke out of the descending trendline from 69k and 15k6 is the retesting point of this trendline. Also, 15k6 is the point of support for the small descending channel from 25k. Is it a breakout + retest ? Maybe.

2. If you turn on the Log chart, clone the distance from 69k to the neckline , the target for the drop is also 15k6.

Coincidence? Maybe.

3. There are a bunch of divergences happening as well. RSI, OBV. And also the fact that EVERYBODY is expecting 10-12k, or even 3k targets. Markets usually go against the majority's wishes. Time will tell, I guess.

What are your takes on this? @EGrind26

@JohalMiles

@IncomeSharks

@el_crypto_prof

@Coins_Kid

This post is based on this twitter thread.

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