Good day folks. Hope you are doing well on this bear market that we all are experiencing. This is actually my first post on BTC, and my second next to ETH which is my first one. Sorry if the chart isn't clear for you.
First and foremost, a head & shoulders pattern is forming on 1W TF, which means more bearish scenarios will be likely seen in the next few days. Also, on 1WK TF, price opens below the upper resistance channel (formerly our lower channel support). Buyers are defending the $40k level but if this breaks, we can immediately see prices on these next support.
Next immediate support: $39500-$39626
2nd support (0.5 FIBO): $36K
3rd (lower channel support): $33k
For a bullish move, price should break the upper resistance channel and move above $33800 and sustain the price. However, RSI is quite low so there's less chance for a bigger pump as of this writing.
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First and foremost, a head & shoulders pattern is forming on 1W TF, which means more bearish scenarios will be likely seen in the next few days. Also, on 1WK TF, price opens below the upper resistance channel (formerly our lower channel support). Buyers are defending the $40k level but if this breaks, we can immediately see prices on these next support.
Next immediate support: $39500-$39626
2nd support (0.5 FIBO): $36K
3rd (lower channel support): $33k
For a bullish move, price should break the upper resistance channel and move above $33800 and sustain the price. However, RSI is quite low so there's less chance for a bigger pump as of this writing.
If you like this idea, please follow, like, comment or share this.