BITCOIN | From july 19,2021 till date, btc has apparently formed three bearish pattern which has been identified on the chart. The head and shoulder pattern has completed its cycle but then btc still continues with bear sentiment due to the breakdown at the resistance level($43.03k) which is the weekly support and the continuous bearish patterns formation. The only save for btc is the third pattern which is the ascending triangle that could prone btc to retest the weekly resistance for the second time,in the event it breaks, a huge uptrend is likely but if gets rejected again, we'd definitely see a nosedive in the whole crypto mkt as btc will look forward to the area that needs to be retested before we see a trend reversal. The minor and key s/r levels have been highlighted on the chart, its advisable to keep tabs on the highlighted areas to be cognizant on the next move to avoid liquidation.
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Trade active:
Btc weekly support( first support level on the chart) is still holding and we saw a reversal trend from the area yesterday. This move hasn't nullified the price prediction yet until we see a weekly close above $43k
Trade active:
Btc is currently trading at the indicated key support level on the chart. It's less likely to say that the level would hold for so long unless we see some strange events but then this doesn't imply we will see a new ATH anytime soon. Btc could prolly still make it up to $34.5k - $37k considering the fact the weekly/monthly retests are inevitable...
Trade closed: target reached:
19k price target is finally here. Btc will continue to dive down if $17.5k support fails to hold.
