1.
Parallel channels drawn between key points of bull run tops & bear market bottoms indicate parallel ranges in which $BTC has been playing in
2.
Fib retracement drawn from 2013 top to the next bottom shows corrections during the next ralley around Fib 2.6 & 4.2 regions
Fib levels drawn from 2017 top to the next bottom also show the fib ranges in which $BTC has played this time
3.
$BTC is seen being rejected by the lower level of the blue channel drawn from March'20 bottom & Feb'21 highs
1 + 2 + 3
There is a confluence of a parallel channel line and Fib 2.6 level near the $43k-$44k range will it serve as a support for $BTC before it retests the blue channel's lower level and go higher?
Parallel channels drawn between key points of bull run tops & bear market bottoms indicate parallel ranges in which $BTC has been playing in
2.
Fib retracement drawn from 2013 top to the next bottom shows corrections during the next ralley around Fib 2.6 & 4.2 regions
Fib levels drawn from 2017 top to the next bottom also show the fib ranges in which $BTC has played this time
3.
$BTC is seen being rejected by the lower level of the blue channel drawn from March'20 bottom & Feb'21 highs
1 + 2 + 3
There is a confluence of a parallel channel line and Fib 2.6 level near the $43k-$44k range will it serve as a support for $BTC before it retests the blue channel's lower level and go higher?
Comment:
$43k breached
$29k is an extremely strong resistance if the market decides to dump further
$29k is an extremely strong resistance if the market decides to dump further
The market is neutral, yet to decide & confirm a possible bull/bear scenario. I am not trading these conditions yet.