Technical analysis regarding the price of BITCOIN in relation of dollar for the next scenarios, based on 4h movement.
The price had been respecting this Upward Trend Line, which was broken on Jan 20 at 00:00, the price was to test this region and has already retracted to fall again.
The Moving Averages for 34 and 89 periods were also broken, leaving this strong support region just below that could "stop" this sharp drop.
Designing this region (channel) with Fibonacci, I get such levels where the price can reach, being the target of TAKE in the top cap made by bitcoin and the STOP region, where it exactly coincides with Welles Wilder's 400 period Moving Average (point end of support). In my view, the price may go up again touching this support region that has great potential for reversing this fall.
disclaimer
*** This is not a recommendation to purchase and/or sale. It is for educational purposes only. ***
The price had been respecting this Upward Trend Line, which was broken on Jan 20 at 00:00, the price was to test this region and has already retracted to fall again.
The Moving Averages for 34 and 89 periods were also broken, leaving this strong support region just below that could "stop" this sharp drop.
Designing this region (channel) with Fibonacci, I get such levels where the price can reach, being the target of TAKE in the top cap made by bitcoin and the STOP region, where it exactly coincides with Welles Wilder's 400 period Moving Average (point end of support). In my view, the price may go up again touching this support region that has great potential for reversing this fall.
disclaimer
*** This is not a recommendation to purchase and/or sale. It is for educational purposes only. ***
