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What Happens if Bitcoin Breaks $28,000
The last time Bitcoin closed below $28,000 was on December 29th, 2020. Today (May 26th, 2022), it’s trading at $29,388, down 38% since the beginning of the year.
Look at this graph:
Chartists call this a Großglockner shape in progress.
Located in Austria, the Großglockner is a “well-known double summit, where the main summit of the Großglockner is separated from that of the Kleinglockner by the Glocknerscharte col in the area of a geological fault.”
The Großglockner elevation is 12,461 feet, and its prominence is 7,949 feet.
I’m not writing these numbers by accident.
According to the Manual of Excellent Chartists, in the case of a Großglockner shape in progress, the elevation to prominence ratio is highly significant.
The corresponding ratios are 1.57 (upper ratio) and 0.64 (lower ratio).
