BTC broke through the lower falling resistance line, with quite a convincing move up.
2 options are likely right now:
-We also break through the second resistance, which will turn into support
-We will stay in between the two red resistance lines,
Based on previous cycles we're very likely to continue accumulation for at least half a year. My guess is we're going to break through the second resistance sooner or later, and follow the support down to 3000-3500ish (of course there is a chance of a rally but timing is not ready for sustained gains).
Orange line represents a possible technical maximum based on previous trend.
Breaking down the 3000 support seems rather unlikely right now, if we do break down surely the 2000 support will hold.
2 options are likely right now:
-We also break through the second resistance, which will turn into support
-We will stay in between the two red resistance lines,
Based on previous cycles we're very likely to continue accumulation for at least half a year. My guess is we're going to break through the second resistance sooner or later, and follow the support down to 3000-3500ish (of course there is a chance of a rally but timing is not ready for sustained gains).
Orange line represents a possible technical maximum based on previous trend.
Breaking down the 3000 support seems rather unlikely right now, if we do break down surely the 2000 support will hold.
It's following the trend nicely, i don't see it breaking the orange resistance