It's always exciting to find fractals in the chart and normally it doesn't take long to spot them. There is a very obvious one in this chart below:
A peak and dip, then a rounded top of four spikes; just what we had in the last weeks. The correction started when the "orange line" was broken. I found more support lines in the macro chart of bitcoin that look very similar.
The first support line was broken last month and the second one based on the thicker candles from March of 2020 has just been broken as well.
When it happened the first time, we saw the price quickly recovering to the support line, but it acted then as a resistance. It seems that it could happen again this time as well. The recovery already happened and prices are now "stuck" at 30.8k. I would expect a further correction downward.
Should this happen, there is almost no support left. Or perhaps said differently, who would buy at this price range? I don't think many people looking at this chart would get excited in "buying the dip". Instead, I think most people will enter at around 20-23k which has a good support coming from different time periods as well as a strong support line.
The correction should complete in this fashion. But of course there are always surprises!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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