📊#BTC falls below important support, what caused this decline?❓
📊From the technical side, we mentioned in our post on November 9 that BTC was about to see a death cross, so it is likely that the decline will be completed before the death cross actually forms, and we have also simulated the approximate likely trajectory.
As the weekend comes, volume is weak, and the long and short forces are evenly matched, Our price action is severely compressed into a symmetric triangle.
First of all, we need to know that the overall model we are running is an ascending wedge model (we usually fall through this model), and in this model we form a symmetric triangle model, so the combined analysis, the downward force must be huge.
‼️Note THAT THE ANALYSIS OF TECHNICAL INDICATORS needs multi-dimensional to be more ACCURATE!!
😱Then there were the event drivers at the same time over the weekend: with the news that FTX's assets might be liquidated, panic began to spread through the market and eventually formed a decline.📉
In summary, the PA model + event drivers contributed to the decline. We also published a detailed trading strategy on the inside channel and have now locked in more than 50% of the profit, waiting for the continuation of the trend🎯✔️💰🍻
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