Bitcoin breaks to the downside from its ATH as predicted – is this the big dipper?
hive-167922·@julianhorack·
0.000 HBDBitcoin breaks to the downside from its ATH as predicted – is this the big dipper?
As predicted in my earlier [post](https://leofinance.io/@julianhorack/ta-the-easy-way-bitcoin-setting-up-for-a-retrace-today) a few hours ago, bitcoin price broke down from the ascending channel. So price has fallen to my first target at the previous lows of the channel, namely $22250 on the Binance exchange.  For now that support is holding as bulls buy up the dip. The much talked of supply drought for any available bitcoin to buy, is due to the whale institutions buying at a massive rate. This could be the support and we may simply bounce back up from here. Nevertheless, we have just seen a 7% dip in a matter of hours, in one 4 hour candle, which has yet to close. The 20 MA on the 4 hour has been clearly broken. Just below is another support at the 50 EMA around $21500. This would be a natural next level for price to bounce if it does indeed drop lower. Naturally traders have been awaiting a retrace from these new ATHs, so the desire to take profit may push price lower. A fight between the bulls and the bears is in full swing today, and may continue all week, despite the supposed festive season. The RSI on the 4 hour has just crossed below 50 indicating that we have entered bearish territory... theoretically. Volume is clearly spiking so this is a legitimate breakout, to the downside. Remember that price did this exact same thing at the last ATH in December 2017, where we reached a top just below $20k and then fell like a stone in a massive dump. Back then price fell a total of 42% over a period of 4 days. This time is different of course, since we have massive institutional investment entering the market. Also this time we are just at the start of the bull cycle, not the end, in relation to the halving. So the 40% dip is unlikely but nevertheless not uncommon. This is a crucial week, so keep an eye on the bitcoin price if you wish to profit from some swing trades. Or if you wish to accumulate more sats at the dip. Everyone has a different trading strategy that suits their nature and pocket. Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@julianhorack/bitcoin-breaks-to-the-downside-from-its-ath-as-predicted-is-this-the-big-dipper)
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