Trend line analysis - Weekly Timeframe
These curves & triangles highlight support/resistance zones on a weekly timeframe. Fairly conventional methods used. RSI & MACD incidators aswell. There are two triangles highlighting the possible RSI outcome if the support/resistance zones hold out.
I believe it will break out upwards after completing this formation but...
If Bitcoin follows the Fibonacci , to the .382 or .5, the result should be a strong support structure for future growth.
I think it should then be considered a healthy market correction after such a long monthly bullish move.
There most likely will be a lot of BUY opportunities in the .382/.5 zones.
This is not professional advise. Do your own research.
If we check what happened the last time BTC drop in this run. It dropped 30 % and rise 100% (in 30 days). The current drop was 24%, if BTC react close to the same way it did in January. By the end of march we could see 111000$ CAD per BTC. It is only if the price rise the same way. In the past, March hasn't been a good month for BTC bulls.
So far, for this drop,...
Strong support ~$44k with bullish signs. Planning on getting more BTC on the next dip.
Seeing a head and shoulders and BTC wedging, getting ready for a breakout IMO!
