It's been awhile since I've posted a bitcoin chart so I figured I'd share my lines. First, I think there is a broad misconception that 6k is support.In reality, when we examine things a little closer we've had 2 different trendlines that have been acting as our supports, they've both coincided with the 6k level and this becomes much more apparent when we zoom way out.
This is a view of the weekly chart and you can see that the retest of that major trendline gave us a strong rejection that we've yet to really bounce from.
Support is now around 6200 and if we break that it will be a fast drop down. My ultimate target for bitcoin is at the 1380 level but I think it could be as late as April 2020 when/if we get there.
This is a view of the weekly chart and you can see that the retest of that major trendline gave us a strong rejection that we've yet to really bounce from.
Support is now around 6200 and if we break that it will be a fast drop down. My ultimate target for bitcoin is at the 1380 level but I think it could be as late as April 2020 when/if we get there.