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ChartCoach
Jan 2, 2020 1:31 PM

Bitcoin repeating Hisotry? 

Bitcoin / U.S. dollarBitstamp

Description

Bitcoin is sitting on a major support trendline established back in 2011 that started as a resistance but turned support August of 2015.
Since then the trend line has been defended once just a year ago in December of 2018/ January 2019.
If history repeats itself we should see movement up to 10.2k-11k meeting resistance ultimately breaking the resistance on it's way to a new high to be determined by when it reaches somewhere between 20k-25k around august-December of 2020.

If bitcoin fails to hold support and falls through 6.2k then 3.2k looks to be in play as the support of a descending triangle pattern which is a bearish pattern. If 3.2k is reached I imagine a testing of the 6.2k area sometime in 2021 as 2020 would be the year of finding another bottom.
Comments
DAVID9039
''Major support'' that started as resistance? because it has two wicks in it? also both red channels don't make sense at all
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