200 SMA is providing firm support. Depending on the position of the 20, 50, 100, and 200 SMAs in the next few days we'll know what we might be looking at in terms of upward channel, that is if we don't fall through the point of death (but I'd bet my left nut that won't be the case). Right now there are 4 distinct possibilities I see for reaching 12k. The Green dotted channel is the most conservative but you can see that it easily leads into the pink one, the pink channel - the most realistic, next the blue channel would initially take us higher but we'd stall out and shuffle towards the target, and the dotted red channel would take us to the moon on a bitcoin plated lambo. Hitting the black lightning bolt, which I thought would be certain to lead to a correction pushing the price fall below the 200 SMA and out of an upwards channel, seems to have been avoided. Say a little prayer to the crypto gods...
Comment:
Well, the 200 SMA and the price are going to hit that point of death, I'm hoping the price bounces off, the 200 SMA rises above that point and we are safely locked inside of the pink channel, at a minimum. However, I should note here, the last time resistance lines all merged together into one single point, we dropped from 11800 to 8200 like a rock. If we fall into the point, this was a bull trap and we are about to complete the crash. If we bounce off, the recent dip was a bear trap, and we are looking at a repeat of the 2018 performance. Just between you and me, I know that it will not fall below the point.