Babenski

BTC last defence area for bulls

BINANCE:BTCUSDT   Bitcoin / TetherUS
BTC / USDT

Price dropped massively yesterday to hit 30k which mean more than 50% from current ATH
This drop is huge but if you compared it with previous bull runs in 2013 and 2017 you will similar ones and bull market continue

📌What Next ?...
On weekly chart we can see how 30k is very important and have alot of supports here

1- In log scale you can see we tested lower trendline of bull run channel that started from march 2020 and still intact
2- In same time we test 50W EMA (yellow line) which held the price for more than 1 year
3- Also 30k level equal 1.618 fibonacci level

📌 What That Mean ?

ABOVE 30k weekly : iam bullish and my targets : 46k - 63k - 80k +++

BELOW 30k weekly : we can see 26k- 22k -18k or even below

this update is based on weekly Analysis not daily or hourly...daily and hourly we have multiple resistances and supports in between

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Comments

Thanks for sharing
+4 Reply
@P_S_trade welcome my friend
Reply
bull scenario is more probable. nice review
+4 Reply
@bestfarbit74 👍👍
+1 Reply
Very simple and straightforward analysis thank you.
+3 Reply
thanks for this, will be ready for worst scenario as always.. great job
+3 Reply
@ArielFr thats nice.. welcome
Reply
Nice technical setup!
+2 Reply
@Mahtab_Tradia thanks 😊
Reply