$BTCUSD - Big Downward channel in play - Bias is bearish!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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On a Daily timeframe , BTCUSD has been forming a big downward channel since Jun'19 and now BTC is at a pivotal point as can be seen in the chart above. It is touching mid-range of the channel which is also confluent with the big resistance area as highlighted in red.

Also, to support this idea, RSI is also at a resistance point (Yellow line) and is already pointing downwards. Very simple yet very strong indication that we will be having a move downwards to the bottom of the channel. Bitcoin halving event is around 13th May'2020 (as highlighted in chart) and i expect this downward move to be completed before the halving, hence BTC is going to likely make a bottom (touch the bottom of the channel) at around ~4000$ levels which i believe should be good area to buy BTC for long-term.

Historically, BTC price has always increased after the halving and i expect the same to happen this time as well.

ALL THE VERY BEST and hope this idea has helped you to gain some clarity.

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Yo Crypto


expecting long trend.
Just to add, in weekly timeframe, there is a strong resistance as can be seen in the chart. Weekly close below 6700$ will add to bearish confirmations. Take a look at the resistance line in the chart below.
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