BTC has seen a steep correction since September 6th after it faced heavy resistance at $53,000. This was simply because breaking this resistance would have freed BTC to move up to roughly $70,000.
With this in mind, that Red line indicated in the chart is the absolute zone of resistance. That is the ultimate level it needs to break to reach All-Time Highs. As long as it is trading below this line, it is not on its way to new highs.
If BTC is to remain in an uptrend it must hold support at this area of support. If it breaks this, the downtrend will continue until it hits roughly the Secondary Support indicated by the chart.
Support ~43,000 - 41,000
Secondary Support ~36,000 - 35,000
Primary Reistance ~53,000
Indicated by the Red line
Thank you for checking out the analysis, I hope this was insightful in any way. Leave any questions and comments down below;
With this in mind, that Red line indicated in the chart is the absolute zone of resistance. That is the ultimate level it needs to break to reach All-Time Highs. As long as it is trading below this line, it is not on its way to new highs.
If BTC is to remain in an uptrend it must hold support at this area of support. If it breaks this, the downtrend will continue until it hits roughly the Secondary Support indicated by the chart.
Support ~43,000 - 41,000
Secondary Support ~36,000 - 35,000
Primary Reistance ~53,000
Indicated by the Red line
Thank you for checking out the analysis, I hope this was insightful in any way. Leave any questions and comments down below;
Comment:
BTC has touched our target zone of support and has been consolidating since. Pay attention to the next move because it could be setting up for a big one!
