If to be honest i must admit that i was not expecting breaking of triangle upside.
But this is bitcoin and we need to focus according to the movement.
I will not call bull run, or moon or bear or whatever before to check the following:
Seems we started new uptrend but needed confirmation by retesting 9650-9800 area.
If it confirm we can run to...
Hope you are doing well.
I decided to create this urgent update chart for my followers,because i decided to change a bit my view for Bitcoin.
Until now, i was continuing to expect at least 7000 before the bull run.
A fundamental situation that actually is taking action the last hours, it make me to change a bit my view.
And i explain...
Drawing two different downtrends of rising channel
we can see that we are yet inside the channel and we sit exactly in the downtrend. A break down, this time we can fall straight to 8100. 9150 together with 20 MA gives at the moment strong resistance. Breaking upward we can move to 9450 where we have another one resistance. My opinion is that we are in critical...
Bitcoin it face huge pressure downside.
With 2 critical resistance above it, and with one double resistance
it is necessary to find huge volume for an upward movement.
In the downside, one double support that it offers a bit safety
and another one support below, seems the downside movement is
more easy to be done.
Personally i will pay my attention to the two...
Everywhere we read and listen about a new Bull cycle. Many investors are extra Bullish with Bitcoin.
I DISAGREE and i explain why.
At the moment bitcoin try to keep the main support area, before to RE-ENTER in Bearish Zone. (8650 - 8750)
Below this area we are and officially in Bear Zone.
But...We do not need this sign to understand that the whole market, even...
Bitcoin creates its first Typical lower High by failing to close above 9189.
This means we have the START of creating a bearish trend for sure we will
RETEST the bullish trend we have since March 2020. The retest will happened
in the range between 8350 - 8550. If we fail to keep this support area, we are heading to
the range of 7800-8000 at least.