Hello, dear subscribers!
Today the traditional markets has a rapid decline and this fact have an impact on the Bitcoin price action. We saw another one attempt to break the key support level of $30000.
Now it seems that the price bounced off this level ,but it is not confirmed. The very dangerous sign is the head and shoulders pattern which has already been formed. The target of this pattern is below the key support level , but this head and shoulder are not clear because it is a reverse pattern on the uptrend (we have downtrend now). This pattern could not play out but we should be careful.
Globally, the price have almost formed the descending triangle pattern which can be broken up or down, we should observe it. If the price is able to bounce off the $30000 price level the next target is the triangle's upper band with $32700 BTC price. Also the descending trend channel is forming now. If the price is able to break the key support of $30000 it can reach the channel's lower band and the monthly CPR level's intersection ($25200).
Please, be careful now to define correctly the further price action. Also we should monitor the traditional markets, because of it's high correlation with the Bitcoin price.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Today the traditional markets has a rapid decline and this fact have an impact on the Bitcoin price action. We saw another one attempt to break the key support level of $30000.
Now it seems that the price bounced off this level ,but it is not confirmed. The very dangerous sign is the head and shoulders pattern which has already been formed. The target of this pattern is below the key support level , but this head and shoulder are not clear because it is a reverse pattern on the uptrend (we have downtrend now). This pattern could not play out but we should be careful.
Globally, the price have almost formed the descending triangle pattern which can be broken up or down, we should observe it. If the price is able to bounce off the $30000 price level the next target is the triangle's upper band with $32700 BTC price. Also the descending trend channel is forming now. If the price is able to break the key support of $30000 it can reach the channel's lower band and the monthly CPR level's intersection ($25200).
Please, be careful now to define correctly the further price action. Also we should monitor the traditional markets, because of it's high correlation with the Bitcoin price.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
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