InvestMate|Bitcoin will we defend the support zone? ₿

₿ Bitcoin will we defend the support zone?

₿ Another Bitcoin update flies in from my side.

₿ As I wrote yesterday we failed to break out above the price of 16700 in which case I did not make any decision to take a position.

₿ We fell on the first support zone set by me. It was determined by the 0.786 level of the entire downward wave from the 2017 peak to the 2018 bottom.

₿ I am very curious to see if we can hold it.

₿ If I would see a strong breakout to the 16500 area, then I can confidently say that the movement to the area of the resistance zone determined by the cluster of two fibo levels. The first is the 0.886 level of the entire downward wave from the 2017 peak to the 2018 bottom and the second is the 0.786 level of the wave from the 2020 bottom to the 2021 peak. Remains open

₿ This is really strong resistance which has been respected many times in the past.

₿ I also do not exclude a descent to the lowest support zone determined by the lowest bottom in o this bear market.

₿ The scenario I am playing out is a continuation of the upside only if there will be a strong breakout above the 16500 level. Then reaching the resistance zone in the coming days. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

₿ *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

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