BTC seems to be crashing, but it is entering a strong support zone as I write this. As long as there is no new low (below 11,163$), everything is still good for BTC and there is a good chance of a sharp reversal soon.

But if 11,163$ gets taken out, there will be another huge crash (targetzone 8,000-6,000$). This is the power of a make or break level. If it breaks, then by definition it cannot be a wave 1 scenario, which means it will crash...

In the picture I wrote 11200, but the exact level to watch is 11,163$...

So watch this level closely, once broken it will drop 3000$ minimum within only a few hours.

The levels pointed out are ONLY relating to the BITSTAMP chart. For BITFINEX the mob is 10700. Every exchange produced another low... The differences in price are huge theese days. It sucks, not only for TAs...

If you think this to be useful information:


Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions.
If you make any trades or investments after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...

Have a nice day :-)