As we can see the bearish channel in RED we've been trapped in since ATH 0.00% we finally broke out of it FEB 26, after a failed attempt FEB 19 only to hit the same ceiling level in PINK sitting at $11,700 while on the down side the top of the bear channel seems to be serving as a strong support level on our descent.
A descending wedge also has been formed with the same top of the bear channel which will meet strong support at 2 key levels as illustrated by the ORANGE and YELLOW dotted levels with confirmations encircled in yellow which makes me believe these will prove to be Major support levels which will be hard to break down any further.
Also as can be seen by the fib retracement 88% level from ATH 0.00% to the FEB 5 low which also lines up with the orange support level perfectly.
****This is NOT financial advice by any means, I am not a licensed nor a professional financial advisor, this is my humble perspective and should be taken with a grain of salt.****
A descending wedge also has been formed with the same top of the bear channel which will meet strong support at 2 key levels as illustrated by the ORANGE and YELLOW dotted levels with confirmations encircled in yellow which makes me believe these will prove to be Major support levels which will be hard to break down any further.
Also as can be seen by the fib retracement 88% level from ATH 0.00% to the FEB 5 low which also lines up with the orange support level perfectly.
****This is NOT financial advice by any means, I am not a licensed nor a professional financial advisor, this is my humble perspective and should be taken with a grain of salt.****
Here's an updated view of the original chart: