Hello, dear friends! Looking at the charts over and over again, I wanna see something new in them.
Let's take a look at the weekly log chart of Bitcoin today and try to discuss it!
On the left side you can see an ascending channel in light green color, in which the price has been moving for more than 7 years (from 2011 to 2018), but at the end of 2018, the price left the channel. Then there was an attempt to return, re-testing that resistance, but it was unsuccessfully and the price dropped lower.
In order to understand the subsequent trend, that the price was forming, I drew dynamic support and resistance lines, connecting the upper and lower boundaries with lines - I got a descending channel - it's light red on the chart.
How long will the price stay in the descending channel?
The dotted black line is a strong support line - its strength can be understood by counting the number of price touches (marked with red marks).
Looking at the big picture, it can be assumed, that the price of 6-7-10 thousand for Bitcoin by the end of the year is so real.
But whether strong support holds and where the price will go next - that will be a very interesting and unprecedented step in the history of BTC!
What are your thoughts looking on my chart? Let's discuss )
Thanks for attention!
I would be grateful if you support my post with a <<like>> and comment, send a link to Your friend so more people can see my work.
If I see an interest in my work, I'll try to make charts more often!
@arviiine, it would be interesting to see… Thanks for feedback
arvine11
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@RocketBomb, but it possible 17300 was historical bottom but folks scared and didn't buy!
RocketBomb
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@arviiine, yes, I saw, that’s why I wrote about unprecedented next steps )
Crypto-Coin-Trader
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"Portfoliogone" :D ... i like it!
I see also more downside, but not that much. The 10-14k level includes a ton of price action. I wanna see how bitcoin reacts in this range first, before i call for doomsday.