Bitcoin closed the week down at the yearly S1 pivot- as planned when it broke through the previous fib pivot . As this is the first time this pivot has been tested this year there is little volume here previously, so I expect after an initial bounce it will continue down to the volume support of 2750-2200, and from there to the 2 year POC of 1170.
Why you would buy this here I have no idea. Forget triangles, wedges , badly drawn trend lines and the FOMO of a rally. Let price confirm a bottom is in. Bitcoin needs to put in a strong base with good volume and start reclaiming the lost support. Only then should you consider going long IMO . Forget the ideology- this CAN go to zero.
Why you would buy this here I have no idea. Forget triangles, wedges , badly drawn trend lines and the FOMO of a rally. Let price confirm a bottom is in. Bitcoin needs to put in a strong base with good volume and start reclaiming the lost support. Only then should you consider going long IMO . Forget the ideology- this CAN go to zero.
