The next trend depends on the support of 16,700
Hello
I hope you have used and benefited from the previous analysis.
Bitcoin is now struggling with support at 16,700 after breaking its uptrend line from below.
If this support is broken, we can expect 15k channel.
And if the price is rejected from this point, we will expect to return to the 17400 area and probably start an upward trend.
Note that the 4-hour candle closes in less than 1 hour. If this candle closes above 16770, it can be seen as a sign of rejection and the beginning of an upward trend.
I hope you have used and benefited from the previous analysis.
Bitcoin is now struggling with support at 16,700 after breaking its uptrend line from below.
If this support is broken, we can expect 15k channel.
And if the price is rejected from this point, we will expect to return to the 17400 area and probably start an upward trend.
Note that the 4-hour candle closes in less than 1 hour. If this candle closes above 16770, it can be seen as a sign of rejection and the beginning of an upward trend.
Comment:
In the 5m time frame, we see an upward trendline. If this trendline is broken, we can expect that the price will go towards the 15,000 channel.