Bonjour everyone!
So far Bitcoin has been a monster, but as I mentioned in my previous chart, we still haven't broken the downtrend conservative trend line (in red).
We have been following a channel (in yellow) for two weeks now, and I wouldn't be worried until we break below it with force at around 9100.
If it goes below with conviction, I expect some panic selling to start.
On the other hand, if we pierce through 9400-9500 range, that would be a great indicator of further movement up. This could bring us to the 11k area since it will give much more confidence to buyers.
Don't forget that we tried already one time to break the downtrend line a few days ago, as you know if we can't break it in the upcoming days this could be a sign of a failed rally and drag us down much lower.
Thank you for reading, invest safe!
So far Bitcoin has been a monster, but as I mentioned in my previous chart, we still haven't broken the downtrend conservative trend line (in red).
We have been following a channel (in yellow) for two weeks now, and I wouldn't be worried until we break below it with force at around 9100.
If it goes below with conviction, I expect some panic selling to start.
On the other hand, if we pierce through 9400-9500 range, that would be a great indicator of further movement up. This could bring us to the 11k area since it will give much more confidence to buyers.
Don't forget that we tried already one time to break the downtrend line a few days ago, as you know if we can't break it in the upcoming days this could be a sign of a failed rally and drag us down much lower.
Thank you for reading, invest safe!