BTC update, areas for potential reversal
Gotta love when Bitcoin does exactly what you don’t expect! That's just the nature of the game ;)
Anyway, it looks like that green support line below has actually held up pretty well for bitcoin. Stronger than I thought, and we are now seeing another push upwards.
So maybe Bitcoin isn’t ready for 6k or lower prices just yet. However, remember I said that the arrows are simply predictions of where I think the price may go and what’s more important here is to focus on the trend lines and watch to see what is happening with price action at these critical areas.
With this strong bounce off the green support line once again, I expect the price to try and rally up to the first blue resistance line before falling again.
Take note of the area of resistance around 7.2k-7.3k, where the price may also reverse before hitting the blue line.
If we break through the blue resistance line, the red resistance line is our next target.
But again, my arrows are just my own predictions based on what I’m seeing. Don’t focus so much on price following these arrows perfectly and instead focus on the trend lines for potential reversal zones.
Good luck out there!
Anyway, it looks like that green support line below has actually held up pretty well for bitcoin. Stronger than I thought, and we are now seeing another push upwards.
So maybe Bitcoin isn’t ready for 6k or lower prices just yet. However, remember I said that the arrows are simply predictions of where I think the price may go and what’s more important here is to focus on the trend lines and watch to see what is happening with price action at these critical areas.
With this strong bounce off the green support line once again, I expect the price to try and rally up to the first blue resistance line before falling again.
Take note of the area of resistance around 7.2k-7.3k, where the price may also reverse before hitting the blue line.
If we break through the blue resistance line, the red resistance line is our next target.
But again, my arrows are just my own predictions based on what I’m seeing. Don’t focus so much on price following these arrows perfectly and instead focus on the trend lines for potential reversal zones.
Good luck out there!
Comment:
Check out this update. Looks like we have one more hurdle to get through:
Comment:
BTC currently fighting with the blue resistance trend line. Let's see if can hold up price. Red trend line would be up next, and that will be very strong resistance for bitcoin. It has held the price down since the market correction began in December.
Trade closed: target reached:
Both targets have been reached.