BTC/USD Daily chart continues to make lower highs, and lower lows.
If the trend continues I think we will break the support line and hit the 1.272 & 1.618 Fibb retracement as it is confirmed with 4 retracements in total.
The green trend will come to fruition if current trend breaks, as of right now it doesnt seem to be the case, I personally think this trend line is the least likely to happen, but you can never rule anything out.
The purple/grey trend lines will happen if we develop strong support at the $430/$420 support area,
I think it will meet resistance at the trend line capping at around ~$460, of course it could breakout, if it doesnt I think we will retest $420 support and possibly fail due to forming a descending triangle pattern, next support would be at $340(possible support at ~$380 as well), which I think we can bounce forming a double bottom and retest the trend line once again to determine whether the chart will breakthrough or fail.
The red trend is about even with the purple/grey IMO, because they all follow the overall trend of the chart. once the red trend line fails to find support at the ~$420 area it will fall through and find support at the ~$340(possible support at ~$380 as well) area then bounce and find resistance at $420(previous support), once it finds resistance there I predict it to fall and find support at ~$260-$290 based off of the Fibb retracements, but we could go as low as $230-$240 possibly.
Any questions or comments feel free to write a comment below.
If the trend continues I think we will break the support line and hit the 1.272 & 1.618 Fibb retracement as it is confirmed with 4 retracements in total.
The green trend will come to fruition if current trend breaks, as of right now it doesnt seem to be the case, I personally think this trend line is the least likely to happen, but you can never rule anything out.
The purple/grey trend lines will happen if we develop strong support at the $430/$420 support area,
I think it will meet resistance at the trend line capping at around ~$460, of course it could breakout, if it doesnt I think we will retest $420 support and possibly fail due to forming a descending triangle pattern, next support would be at $340(possible support at ~$380 as well), which I think we can bounce forming a double bottom and retest the trend line once again to determine whether the chart will breakthrough or fail.
The red trend is about even with the purple/grey IMO, because they all follow the overall trend of the chart. once the red trend line fails to find support at the ~$420 area it will fall through and find support at the ~$340(possible support at ~$380 as well) area then bounce and find resistance at $420(previous support), once it finds resistance there I predict it to fall and find support at ~$260-$290 based off of the Fibb retracements, but we could go as low as $230-$240 possibly.
Any questions or comments feel free to write a comment below.