You can see the price of bitcoin has adhered to to these support and resistance lines for the last few weeks. i think this is a good channel to follow to predict the price movements for bitcoin. The 50% line on the channel can be regarded as important too.
Just a pattern formation i see might happen. Falls just below another long term level of resistance. Breakout past 1.80 could be seen as really bullish especially as we approach the launch of Alonzo and smart contracts
As we continue to trade within this range, BTC once again approaches another level of resistance. With news of greyscale and other FUD plus low volume, the data suggests a more bearish direction for BTC in the short term. I will be watching closely the price action within this region. Failure to breakout, i have put some lines of possible support.
The selling force decreases, and the downtrend starts to slow down. This phase is usually marked by an increase in trading volume. The Preliminary Support (PS) indicates that some buyers are showing up, but still not enough to stop the downward move.
The Selling Climax (SC) is formed by an intense selling activity as investors...