Would bitcoin would react to price around $75 - $80K Zone
So, a lot has happened since the last time I posted on here and I am glad I took the time off. I felt like I had to improve on my technical analysis and Im glad I did just that. Looking back now, I see all the mistakes I made and this is just a testament that sometimes you need to take a couple of steps back when necessary. fast forward to present day, Im glad to be sharing my first post and share my thoughts and opinion on Bitcoin.
I have been tracking Bitcoin for a while and I think its moving in a channel. before I go further into bitcoin, I want to go over what a channel is. According to Investopedia, a price channel is described as a channel a chart when a security's price becomes bounded between two parallel lines. Depending on the direction of the trend, the channel may be termed horizontal, ascending, or descending. Price channels are often used by traders, who practice the art of technical analysis, to gauge the momentum and direction of a security's price action and to identify trading channels.
With that being said, Bitcoin is clearly moving in a channel as described. Inside the channel you have a median line (black dashed line) and you also have a resistance point above the median like (red dashed line) and a support line (green dashed line). Bitcoin has historically respected these support and resistance line identified at specific zones along the channel. What's interesting about the way Bitcoin moves is that when price moves towards the top of the channel, it usually blows past major key levels and on its way down it usually act like its taking a break and major key levels and support zones.
The current bull run can be almost compared to the 2017 bull run. The only difference this time around is that Bitcoin is in no mans land. Its in discovery mode and I think its safe for me to assume that Bitcoin will react around the $75K - $80K mark. I still believe Bitcoin will go higher but we all know it does not move in a straight shot. There is a saying on main street Never see a man go broke taking profits. It makes sense to take profits along the way but Im still convinced Bitcoin will exceed $100K... When exactly, I am not sure. personally< I will be holding my coins for a couple more years and we'll see how that works out
I have been tracking Bitcoin for a while and I think its moving in a channel. before I go further into bitcoin, I want to go over what a channel is. According to Investopedia, a price channel is described as a channel a chart when a security's price becomes bounded between two parallel lines. Depending on the direction of the trend, the channel may be termed horizontal, ascending, or descending. Price channels are often used by traders, who practice the art of technical analysis, to gauge the momentum and direction of a security's price action and to identify trading channels.
With that being said, Bitcoin is clearly moving in a channel as described. Inside the channel you have a median line (black dashed line) and you also have a resistance point above the median like (red dashed line) and a support line (green dashed line). Bitcoin has historically respected these support and resistance line identified at specific zones along the channel. What's interesting about the way Bitcoin moves is that when price moves towards the top of the channel, it usually blows past major key levels and on its way down it usually act like its taking a break and major key levels and support zones.
The current bull run can be almost compared to the 2017 bull run. The only difference this time around is that Bitcoin is in no mans land. Its in discovery mode and I think its safe for me to assume that Bitcoin will react around the $75K - $80K mark. I still believe Bitcoin will go higher but we all know it does not move in a straight shot. There is a saying on main street Never see a man go broke taking profits. It makes sense to take profits along the way but Im still convinced Bitcoin will exceed $100K... When exactly, I am not sure. personally< I will be holding my coins for a couple more years and we'll see how that works out
SegantAD