By analysing the Bitcoin price action in the past weeks, we can see that we got several traps (bull & bear) near channel trend lines (upper & lower).
Is history gonna repeat itself? I think yes! Because of the factors previously said.
I still think 33k$ is NOT the bottom following Bitcoin Logarithmic Growth Curve analysis which indicate it around 29k$, rightly where our channel lower line indicate the next potential bottom.
The 29k$ should be watch attentively as a potential long term bottom. If it doesn't hold as a support, we can go down till 13k$ support area.
The next resistance is at 39600$ from where we can be rejected and fall down.
There is a bearish flag pattern formation with a target around 29k$.
There is the local fib 61.8% retracement level at 40067$ which can also be a potential reversal point.
Is history gonna repeat itself? I think yes! Because of the factors previously said.
I still think 33k$ is NOT the bottom following Bitcoin Logarithmic Growth Curve analysis which indicate it around 29k$, rightly where our channel lower line indicate the next potential bottom.
The 29k$ should be watch attentively as a potential long term bottom. If it doesn't hold as a support, we can go down till 13k$ support area.
The next resistance is at 39600$ from where we can be rejected and fall down.
There is a bearish flag pattern formation with a target around 29k$.
There is the local fib 61.8% retracement level at 40067$ which can also be a potential reversal point.
Comment:
29k$ reached
