For the past couple days we played with the idea of a false breakdown of the ascending Triangle. The price turned more bearish the more days went on. Bitcoin seems to be bullish for one period where the price bounced off of the 21 daily ema. The day still has not closed yet but the ema seems to be clearly broken at this point.
Why the question "2 more days of falling?" you might ask. On todays candle we can see a red 7. This means that this is the 7th day of the downtrend according to a perfect sequential cycle, which goes from 1 to 9. Now since we're currently at day 7, there should be 2 more days after this close of downside action in a perfect scenario. The perfect scenario should also bring us to the green buy zone. It is possible the price will creep up but at this point that seems very unlikely.
To summarize: the 21 daily ema was Bitcoins last hope. If the price closes below it today then the probability of Bitcoin going to the greenzone has increased drastically. In the perfect scenario, we should see our bottem in 2 days after the current close.
Why the question "2 more days of falling?" you might ask. On todays candle we can see a red 7. This means that this is the 7th day of the downtrend according to a perfect sequential cycle, which goes from 1 to 9. Now since we're currently at day 7, there should be 2 more days after this close of downside action in a perfect scenario. The perfect scenario should also bring us to the green buy zone. It is possible the price will creep up but at this point that seems very unlikely.
To summarize: the 21 daily ema was Bitcoins last hope. If the price closes below it today then the probability of Bitcoin going to the greenzone has increased drastically. In the perfect scenario, we should see our bottem in 2 days after the current close.