"Are you really sure that a floor can't also be a ceiling?"
--M.C. Escher
====================
One of my favorite components of a house is the floor.
It helps define the mood and flavor of any environment.
Once upon a time when my better half and I were planning the details of our first home together, we had a major disagreement about the floor.
She wanted light wood... I wanted dark.
So, of course, we got stone... the art of compromise.
At any rate, Bitcoin/USD has spent the last few weeks trying bottom out [or as traders call it, "put in a floor"].
Weekly Chart w/Broken Support -- Price traded around support long enough to create the flag portion of a #BearFlag pattern.
Weekly Chart w/Rally Back To #Resistance -- Price rallied back to resistance on the weekly chart. You'll see it even more clearly on the daily chart below.
Weekly Chart w/Bear Flag - Price appears to be breaking through the bottom of the flag.
Daily Chart showing price failure at resistance - Price got turned back right at resistance... Shown more clearly here on the daily chart.
Bottom Line:
It's hard to say where BTCUSD will find a bottom. The next horizontal levels of support include $20,000 followed by $12,000.
That's not to say that price is going to either of those prices immediately... just that those are the next apparent levels on the chart.
