We can see in this chart two possible situations:
1- There seems to be a double bottom (or called W) pattern forming, the pattern is completed after breaking $7500, and the target of the W pattern is $8600 (1), meaning we will break the downtrend channel, and after that, we may see a retest.
2- If the above doesn't happen, we may see the trendline (blue line), acting as resistance, meaning we will probably see a continuation of the drop to $6000 (2).
Let's wait and see what happens!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!
1- There seems to be a double bottom (or called W) pattern forming, the pattern is completed after breaking $7500, and the target of the W pattern is $8600 (1), meaning we will break the downtrend channel, and after that, we may see a retest.
2- If the above doesn't happen, we may see the trendline (blue line), acting as resistance, meaning we will probably see a continuation of the drop to $6000 (2).
Let's wait and see what happens!
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!
Comment:
Possible touch to the blue trendline (shorter one), probably $8900, it will not drop lower, bulls are getting stronger and stronger which day it passes!
Comment:
We keep this short-term trendline (blue line), if we don't break it, we are still good!
I will keep updating