Bitcoin : Short, Mid, and Long term perspective
Bitcoin is moving like what I've already covered on previous post. The price moves to the white region which is the strong support zone based on the middle term basis. Not just that, the price has already shown us a break down from the white support trend line which has held the price since March 13. However I still see this correction as a normal behavior and as the healthy pull back because of the prior bullish market.
If we have a breaks below this white support zone, I'll see the blue region as the next major support we must see. It's not just a heavy price action occurred in the past but also the .382 fibonacci level is having an alignment at that area. Even if the price touches this region, I still see this as the healthy correction too. If you remember, the yellow trend line was the major resistance trend line on the weekly basis which has been broken on July 2020. Since the action of the break out, we haven't seen any sign of retesting this broken resistance trend line as support yet. This drop can be a good time for the price to test this region and what makes it more interesting, this trend line is having an alignment with the .382 fibonacci level at around $9200 - $9000.
For short term, potentially a slight bounce could occur but to be honest, I won't take this risk to catch the potential bounce. I prefer to wait for further confirmation of this action.
For mid term, I still see the push toward the $9200 - $9100 is still ideal as the phase 2 of break out strategy of the initial break out from the yellow support trend line.
For long term, Absolutely bitcoin will surpass the ATH. We just have to wait and be patience. Enjoy this consolidation move.
If we have a breaks below this white support zone, I'll see the blue region as the next major support we must see. It's not just a heavy price action occurred in the past but also the .382 fibonacci level is having an alignment at that area. Even if the price touches this region, I still see this as the healthy correction too. If you remember, the yellow trend line was the major resistance trend line on the weekly basis which has been broken on July 2020. Since the action of the break out, we haven't seen any sign of retesting this broken resistance trend line as support yet. This drop can be a good time for the price to test this region and what makes it more interesting, this trend line is having an alignment with the .382 fibonacci level at around $9200 - $9000.
For short term, potentially a slight bounce could occur but to be honest, I won't take this risk to catch the potential bounce. I prefer to wait for further confirmation of this action.
For mid term, I still see the push toward the $9200 - $9100 is still ideal as the phase 2 of break out strategy of the initial break out from the yellow support trend line.
For long term, Absolutely bitcoin will surpass the ATH. We just have to wait and be patience. Enjoy this consolidation move.
