After bearish flag pattern, strong rally begins with support.
This is my first technical analysis post in trading view. And, I want to inform you that every post is just an analysis and prediction based on my opinion. Nothing is sure in this too capricious cryptocurrency market.
As we can see on the chart above, I drew trend line based on lows at last Oct, Nov, and this Feb.
This trend line works as the strongest support line, also it should be supported for long-term bullish trend.
After double top pattern from Feb to March, sadly, bearish flag pattern has begun.
And, the next support level will be around 6.5~6.6k considering the length of the flagpole(black-line) and upward trend line(red one).
So, the I hope there will be a strong rally after hit that level, and the rally will be real one. No need to be panic.
This is short brief of current BTC-USD market.
Thanks.
As we can see on the chart above, I drew trend line based on lows at last Oct, Nov, and this Feb.
This trend line works as the strongest support line, also it should be supported for long-term bullish trend.
After double top pattern from Feb to March, sadly, bearish flag pattern has begun.
And, the next support level will be around 6.5~6.6k considering the length of the flagpole(black-line) and upward trend line(red one).
So, the I hope there will be a strong rally after hit that level, and the rally will be real one. No need to be panic.
This is short brief of current BTC-USD market.
Thanks.
Comment:
In a long term, BTC still works in the trend lines, so it is not a good point to buy despite of the rally. Carefully enter after shooting above the next resistance line(7.8k then 8.4k).