Cycle analysis on weekly chart. I expect a bumpy ride ahead with a fair bit of consolidation.
Expected support levels to test: 16,000(most definitely) and 14,000 (likely)
Resistance: 19,500 will remain a resistance unless BTC sees huge bull volume (perhaps needs another big bank confirming their buy-in) before 2021 and we see the new high by Feb 2021. This scenario is possible if BTC does not pullback to 14,000 by December I believe.
Key support:
Yellow support line: Dating back to March 2020 and has been validated as support in September 2020.
Ultimate support:
BTC's ultimate support remains at 5,800 in 2021.This is a very unlikely scenario though.
Green dotted line: Highs from Dec 2017 and June 2019.
Green line: Resistance as June 2016 High, later validated as support on July 2017, Dec 2018, March 2020
Good luck!
Expected support levels to test: 16,000(most definitely) and 14,000 (likely)
Resistance: 19,500 will remain a resistance unless BTC sees huge bull volume (perhaps needs another big bank confirming their buy-in) before 2021 and we see the new high by Feb 2021. This scenario is possible if BTC does not pullback to 14,000 by December I believe.
Key support:
Yellow support line: Dating back to March 2020 and has been validated as support in September 2020.
Ultimate support:
BTC's ultimate support remains at 5,800 in 2021.This is a very unlikely scenario though.
Green dotted line: Highs from Dec 2017 and June 2019.
Green line: Resistance as June 2016 High, later validated as support on July 2017, Dec 2018, March 2020
Good luck!