farhadjafarov7

BITCOIN, GOODBYE DOWNTREND!!

BITFINEX:BTCUSD   Bitcoin
Bitcoin, in the last days finally got out of the last downtrend channel. My prediction for the next days of Bitcoin is that, the old downtrend channel will act as a support, and Bitcoin will bounce back from this downtrend channel and hit the resistance of 9200 USD. From my analysis, I have figured out another upward trend line which could have been the result of the second impulse, and this impulse interacts with the bounce back point from which Bitcoin has bounced back after exiting the downtrend channel. So, Bitcoin may be entering a new upward trend line which may be the trend Impulse 2 makes.
Due to my analysis, Bitcoin will hit the downtrend channel which will act like a support and then Bitcoin will test the 9200 USD resistance where it will fall and hit the upward trend line where Bitcoin should break the 9200 USD resistance. And in my opinion, after breaking out of the 9200 USD resistance, Bitcoin will bounce back after hitting the Impulse 2 trend line, which should be the price range of 9700 USD. However after breaking out of the Resistance 1(9200 USD), it wont take long till it tests the next resistance which should be the price range of 11 000 USD. A small retracement after breaking resistance number 1 is possible, however this retracement shouldn't break the price of 9200 USD.
Good luck traders!!


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