"You can lead a horse to water but you can't make it drink" - This analysis is what Bitcoin will almost certainly do. I am saying this as to warn the bulls in advance.
Bitcoin is in a technical juncture. Price has been at the mercy of technicals which just keep getting the better of BTC at every turn. It recently found resistance on long term side-wards resistance, and more recently used the 200 moving average as a resistance before coming lower. When it used the 200 this was the start of a down trend on this time frame. As it stands, there is only one support level left before Bitcoin potentially tanks to the downside, and that is the side-wards support line drawn on my chart which is sat right on current price action. If price breaks below the side-wards support level, and retests it as a resistance, then we're going much lower in a breakout type move, likely to an incredibly strong support zone between 5770 and 5610 levels. This support is very strong why? It's the long term side-wards support line level, and a ong term horizontal support zone level. This zone would quite likely hold up for a bounce.
The ONLY way this analysis would be at all invalidated is if price breaks above 6790 (A break of the side-wards resistance and the 200 moving average resistance) AND retests it as a support! ANY other conditions do NOT negate this analysis. Below 6790 - bearish. Above 6790 - bullish.
Where do YOU think price is headed? Leave a comment with a chart below and let's share our thoughts!
Please kindly leave a LIKE and FOLLOW. Would be highly appreciated.
Thank you for your support.
Bitcoin is in a technical juncture. Price has been at the mercy of technicals which just keep getting the better of BTC at every turn. It recently found resistance on long term side-wards resistance, and more recently used the 200 moving average as a resistance before coming lower. When it used the 200 this was the start of a down trend on this time frame. As it stands, there is only one support level left before Bitcoin potentially tanks to the downside, and that is the side-wards support line drawn on my chart which is sat right on current price action. If price breaks below the side-wards support level, and retests it as a resistance, then we're going much lower in a breakout type move, likely to an incredibly strong support zone between 5770 and 5610 levels. This support is very strong why? It's the long term side-wards support line level, and a ong term horizontal support zone level. This zone would quite likely hold up for a bounce.
The ONLY way this analysis would be at all invalidated is if price breaks above 6790 (A break of the side-wards resistance and the 200 moving average resistance) AND retests it as a support! ANY other conditions do NOT negate this analysis. Below 6790 - bearish. Above 6790 - bullish.
Where do YOU think price is headed? Leave a comment with a chart below and let's share our thoughts!
Please kindly leave a LIKE and FOLLOW. Would be highly appreciated.
Thank you for your support.
Alongs it doesn’t break and close above 6790 then this analysis stands.
Please leave a LIKE. I’d really appreciate it. :-)