Hello traders,bitcoin is consolidating around 20k for the last 4 weeks. in case of breakout to the up 26k is expected but in case of breakdown to the down we can't see any good support to reverse the price until 13k.
as you can see CHZ is at an important zone , this zone is the intersection of triangle bottom side and red dynamic line.
there is 2 different scenarios:
1.rejection from here and triangle breakout to the upside , in this case we can take buy position after breakout.
2.triangle break out to the down side , in this case we can expect the price to...
the bullish trend line has been broken out to the down side , and we have some candles below it.
in low time frame as you can see in below there is consolidation pattern that is a sign of another drop.
further drop is expected when the pattern is broken out to the downside.
ETH is around important support area (channel's lower band & static support) and it is penetrating below it.
seems it is going to break the support area . With the closing of the weekly candle below the support area more drop is expected.
And I do not think we will see good things after that.
as you can see there are 2 similar movement in the chart.
some consolidation is expected here and after that a breakout and reaching around 52k.
breakout of 39k_40k level of support can lead to more drop to around 30k.
the intersection of channel's lower band and 5$-6$ range of support has formed a very strong support zone.
if the price reaches that support zone we can expect a good gain.
since i see another drop for bitcoin and the whole market we can set buy order in that support area.
the downtrend line has been broken out by strong h4 candle . now price is retesting the broken downtrend line.
also we have 49.5 k support level here . the intersection of broken downtrend line and 49.5 k support level has formed a strong support area that can push the price up.