slope under pressure
This morning we are seeing a sizable drop in cryptocurrency-land, with double-digit percentage declines taking place across the board. Bitcoin is in real danger of breaking critical support by way of a slope extending higher from May and horizontal levels.
The slope dating back to May is viewed as rather significant given its influence on several occasions since, most recently in November. While it has always been a form of resistance, once it was broken it became a source of support.
The May slope along with price levels during December make the ~11700/150 price zone an important one. Hold and Bitcoin lives to fight another day , possibly building the descending wedge we discussed last week. Break, and the trend-line from July in the low 10000s and worse (maybe much worse) come into play.
