Hi Traders, Investors and Speculators of the Charts 📈📉
According to the trend analyses that we've been watching, we didn't want to see a candle CLOSE UNDER the current support zone of $21700. From a trendline analysis, the next demand zone would only be at $18400. We can confirm this by pulling up two technical indicators : the Phoenix Ascending and the Bollinger Bands. Together, they point to harsh short term selling pressure. Bears have taken control for the immediate term, and according to the BBands, 19K is a next likely stop for the short term.
However, BTC dropping may not be a bad thing.. for altcoins. Check out this idea:
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I'm bullish as long as 21500 holds. However, to be honest, I don't expect a new bull run soon. If it drops again under 20k it's not good at all and 24k could be all for this correction. Great video