This is only an analysis
Each support and resistance that you can see on chart is important and Price will react to it, breakouts in every direction are important
Bitcoin price is moving in two different channels which are a Ascending Channel and a Horizontal Channel.
Right now bitcoin has two support which are midline of Ascending Channel and $60k level (static support)
At any time, consider bottom of Ascending Channel as a important support where a correction can end and a new bullish wave begin.
Important resistance : $66k
There are a lot of scenarios for bitcoin
What is the optimistic scenario?
Scenario A: Bitcoin will rise right from here (or the bottom of Ascending Channel) and it breaks $66k resistance then it will see a new ATH around $75k then a correction will happens and end at $65k.
What is the pessimistic scenario?
It's too soon to talk about it(ABC flat correction) but it will happen only if bitcoin lose the Ascending Channel.
Let's stick to scenario A till the facts tells us different things.
Each support and resistance that you can see on chart is important and Price will react to it, breakouts in every direction are important
Bitcoin price is moving in two different channels which are a Ascending Channel and a Horizontal Channel.
Right now bitcoin has two support which are midline of Ascending Channel and $60k level (static support)
At any time, consider bottom of Ascending Channel as a important support where a correction can end and a new bullish wave begin.
Important resistance : $66k
There are a lot of scenarios for bitcoin
What is the optimistic scenario?
Scenario A: Bitcoin will rise right from here (or the bottom of Ascending Channel) and it breaks $66k resistance then it will see a new ATH around $75k then a correction will happens and end at $65k.
What is the pessimistic scenario?
It's too soon to talk about it(ABC flat correction) but it will happen only if bitcoin lose the Ascending Channel.
Let's stick to scenario A till the facts tells us different things.
Comment:
ABC flat correction is happening ( Wave C ).
