And possibly even below? There is growing evidence for it.
Now this idea does not cancel the attached 48k idea.. yet. Not while support exists. However if market structure breaks (currently a candle body closing under 25.7k), then that idea is void.
Weekly Bear flag breakout >>
A candle body clearly prints outside the bear-flag. Confirmation is a following red candle. We got that. A rally to 31k could follow to backtest past support as resistance.
A sell off from 31k would be a huge signal for a new macro lower low. The bear flag measures out to around $10k, which would also see past resistance tested as support.
Log growth curve rejection >>
The bear flag breakout occurs as log growth curve price action tests past support as resistance. This is the entire price action history. Understand why this is significant, it informs us the asset is replacing growth with the inverse. This does not mean new higher highs will not print in the future but it will be years rather than months if this idea confirms.
Other considerations >>
There are many other factors that support this outlook, but will report them elsewhere.
Laters….
Ww
Log growth curve rejection
Comment: Huge amounts of messages from all corners. Remember what was said above.
“A sell off from 31k would be a huge signal for a new macro lower low. The bear flag measures out to around $10k, which would also see past resistance tested as support.”
This would confirm the flag. Otherwise it was a monster fake out and shake out.
At this moment price action is considerably oversold as is shown below.
Daily chart
