The price will move to the $ 200 price after breaking the channel and pullback to the broken trend. If the move fails, the price will fall to the support level of $ 164.
The trend line is the bitcoin uptrend line in the weekly timeframe, which has broken down. Of course, this failure is not substantial, and the red arrow indicates that the trading volume of the red candlesticks was below the 10-day average. So we can hope that candles and volume will not confirm the break of the trend line. Also, on the Ichimoku indicator, we have...
In the weekly time frame, the price of Bitcoin is on the Kumo cloud as well as the 0.38 Fibonacci support line. These two supports have good credibility, and it is likely that Bitcoin will start its growing trend from this point.
On the other hand, the Keijun sen and Span A lines also have a relatively uptrend , which is currently a possible uptrend for Bitcoin.
A good break has happened and the price is about to stabilize. Therefore, it will have a predictable ascent to its first targets of 0.15 and 0.24 . The only concern is the low volume of the break candle and we have to wait for the next candle to buy and enter.
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As you can see in Fibo lines, the next target would be 10.00 , but as a tradition rule, it has a resistance on 8.00, after that I think it would be easy to touch its target.
