Hello Fellas, welcome back with another update from bitcoin. This analysis is gonna be worth it for all of you guys, I guarantee it. Just like usual, I use the bitfinex bitcoin's price and once again, I remind you that this analysis doesn't include the buy or sell strategy. This analysis is for educational purpose and Just want to share you my view about this market. And let's jump to this analysis.
Looking at the chart, I have to admit that it is a little bit messy with a lot of lines and boxes drawn. But, believe me that this image is the most simple ways to represent my view. Based on the chart, I want to give 3 highlighted factors that might give an important movement.
The first highlighted region is the blue box which show us that the price has already bounced after it touched this region which moves align with the 78.6% fibonacci retracement. So far, the price has respected this region and this region has the possibility to become major once it has the ability to hold the price.
The second highlighted region is the yellow resistance trend line, this could be a shadow trend line at short term which act as a resistance trend line from short term moves. A confirmation of breaking out this region, could lead the price to test again the 8700$ region which act as a major resistance for short term.
The third highlighted region is the green support trend line which become the major support trend line for bitcoin that has held the price since November 2018. However, the price is still trending slightly above this major support trend line. Break down below this trend line, will lead the price to the next support region stated.
The 4th and 5th highlighted region is the white region which move align with the previous swing low as the 1st support and which is moving align with the 1.618 fib retracement as the 2nd support.
Watch and be wise.
Looking at the chart, I have to admit that it is a little bit messy with a lot of lines and boxes drawn. But, believe me that this image is the most simple ways to represent my view. Based on the chart, I want to give 3 highlighted factors that might give an important movement.
The first highlighted region is the blue box which show us that the price has already bounced after it touched this region which moves align with the 78.6% fibonacci retracement. So far, the price has respected this region and this region has the possibility to become major once it has the ability to hold the price.
The second highlighted region is the yellow resistance trend line, this could be a shadow trend line at short term which act as a resistance trend line from short term moves. A confirmation of breaking out this region, could lead the price to test again the 8700$ region which act as a major resistance for short term.
The third highlighted region is the green support trend line which become the major support trend line for bitcoin that has held the price since November 2018. However, the price is still trending slightly above this major support trend line. Break down below this trend line, will lead the price to the next support region stated.
The 4th and 5th highlighted region is the white region which move align with the previous swing low as the 1st support and which is moving align with the 1.618 fib retracement as the 2nd support.
Watch and be wise.
