Hi everyone. Looking at the recent high of $42,000 on BTC, it respected the speed resistance line and currently hovering above support of another speed line. Will it stay above it or will it break down to the next level of support where most traders are expecting the price to go down between $23,000 and $28,000. How does BTC move around the fib resistance line is something to watch out for in analyzing the long term. Looking at the long-term channel too, it seems that it had changed lower but has the support of some long term lines. I just think that while we are wating if BTC price will break 30k, it can also still range in between those diagonal lines but let us also wait for the monthly candle close. Please comment what you think and compare your long tern charts. Thanks
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This is a long term chart. We will see if bullishness will resume if it breaks that fib resistance line to go up to the next line.
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See how BTC price moves down one line every time it reached top; 20K, 14K, and 42K are all one line below the fib resistance diagonal line
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channel resistance is around 42,757 but needs to go to a lower time frame because it is just more of my estimate.
On a weekly speed line, it can go to 47,308 if it breaks the channel.
The next speed line resistance is around 74,600 but all these figures are just by looking at the weekly candle chart. it changes as the week goes by. If btc won't break the channel, probable bearish movement up to 28K
On a weekly speed line, it can go to 47,308 if it breaks the channel.
The next speed line resistance is around 74,600 but all these figures are just by looking at the weekly candle chart. it changes as the week goes by. If btc won't break the channel, probable bearish movement up to 28K
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currently on the purple line. will it bounce back from here or go further down to red? I'll check later