Long term outlook for BTC.
Right now the volume is still high during a bearish phase, this means a continuation of price down, but the volume is cooling off - which is a good sign of a trend change.
As long as we stay below the blue line when the price is decreasing, it's okay. But if we see a dump happen that cross the blue line, we are in trouble.
Vice versa, we want the volume to decrease and the price to stabilize, with a +/- 5-6k USD range. Then we want to see a nice rally that goes higher than the blue line.
Overall outlook: we are near the support line from 2020. Although it broke the support line, there is a possibility that it stays around this zone for a bit.
If price goes lower, I'm expect it to hit the Fib 1.0 level around $18k
If it goes higher, $35k is going to the first major resistance.
Right now the volume is still high during a bearish phase, this means a continuation of price down, but the volume is cooling off - which is a good sign of a trend change.
As long as we stay below the blue line when the price is decreasing, it's okay. But if we see a dump happen that cross the blue line, we are in trouble.
Vice versa, we want the volume to decrease and the price to stabilize, with a +/- 5-6k USD range. Then we want to see a nice rally that goes higher than the blue line.
Overall outlook: we are near the support line from 2020. Although it broke the support line, there is a possibility that it stays around this zone for a bit.
If price goes lower, I'm expect it to hit the Fib 1.0 level around $18k
If it goes higher, $35k is going to the first major resistance.
Comment:
Please stretch the chart out to see the comments properly
