My analysis is simple, general and brief. I only see two simple "paths" such as these right now. My opinion is based on the following:
(i) The bottom is in, aka I dont think BTC is ever going below 3000k.
(ii) Another "bottom" is necessary. I think we are required to go back sub $4000 again. Look at the chart. We could break out of this long lasting channel in the coming week(s). That would get some steam and at best, you see the red line. Strong resistance is obviously there, and people would want to be selling at those profits so quickly gained. So, we may have a run here, but I think that run would end with a bounce off the top of the channel.
(iii) to go the more bearish route, I think (complete opinion here, and open discussion encouraged) it would look quite symmetric (as seen by the green and red arrow path). Going that path, may take us to a lower "second bottom" than the first route, say 3-3600 thousand dollar range.
All in all, please comment if you have 'comments'! These are not advice, I am just interested if any of these two paths may play and what you all have to say for either path (or perhaps different paths). These two are the most simple chartwise, but are by no means precise. It all boils down to what happens in coming weeks! I would say a drop below 4200-4300 would discount the bullish path. We could bounce there (as seen on our current yellow dotted line wedge support).
(i) The bottom is in, aka I dont think BTC is ever going below 3000k.
(ii) Another "bottom" is necessary. I think we are required to go back sub $4000 again. Look at the chart. We could break out of this long lasting channel in the coming week(s). That would get some steam and at best, you see the red line. Strong resistance is obviously there, and people would want to be selling at those profits so quickly gained. So, we may have a run here, but I think that run would end with a bounce off the top of the channel.
(iii) to go the more bearish route, I think (complete opinion here, and open discussion encouraged) it would look quite symmetric (as seen by the green and red arrow path). Going that path, may take us to a lower "second bottom" than the first route, say 3-3600 thousand dollar range.
All in all, please comment if you have 'comments'! These are not advice, I am just interested if any of these two paths may play and what you all have to say for either path (or perhaps different paths). These two are the most simple chartwise, but are by no means precise. It all boils down to what happens in coming weeks! I would say a drop below 4200-4300 would discount the bullish path. We could bounce there (as seen on our current yellow dotted line wedge support).
Following the most bullish possible path from this chart I made, so long as we at least ride above the green line, I hope to see higher levels!
=> Try to be safe! Cheers