Hello fellas, welcome back to the update analysis about bitcoin, this time I will cover the support trend line and the crucial levels of bitcoin. So, let's get started.
Today's a very bearish day with a 1%+ down of bitcoin from yesterday's candle closure. But, currently we can see that the price is still trending right at the first support region around $9200 - $9250 region. If the price can breaks down of current support, we will see the push lower to the next support region around the $9000 - $8880 range of support. And the crucial role will be on this 2nd support which has an alignment with the white support trend line, which has held the price since January 3rd, 2020 and this is clearly a very strong support!
If the price of bitcoin can breaks down of current support $9200 region, I won't take it seriously and won't activate the short position. But, if the price breaks down of the 2nd support and the white support trend line, I will 100% open a HUGE short position !
And if the price breaks down of the white support trend line, it will automatically invalidate my $9700 bias.
Thank you and have a nice day!
Today's a very bearish day with a 1%+ down of bitcoin from yesterday's candle closure. But, currently we can see that the price is still trending right at the first support region around $9200 - $9250 region. If the price can breaks down of current support, we will see the push lower to the next support region around the $9000 - $8880 range of support. And the crucial role will be on this 2nd support which has an alignment with the white support trend line, which has held the price since January 3rd, 2020 and this is clearly a very strong support!
If the price of bitcoin can breaks down of current support $9200 region, I won't take it seriously and won't activate the short position. But, if the price breaks down of the 2nd support and the white support trend line, I will 100% open a HUGE short position !
And if the price breaks down of the white support trend line, it will automatically invalidate my $9700 bias.
Thank you and have a nice day!
