The yellow trendline seems to indicate that Bitcoin wants to retest the support level at the 200 MA, which is in the low $6,000. However, failure to hold that support level will indicate further downward momentum post the halving technical event, and the price could retest the next big support level at the low $3,200 range. The price may not drop as fast, but is possible it may revisit these low levels again. Trading would then be between what I would refer as the "Twilight Zone" (any fans?) indicated by the blue price range and we could watch for an entry in this zone.
Now, if Bitcoin breaks the resistance levels represented by the blue lines, first one being the resistance at ~ $10,000, it could make a run to $15,00 from these levels and similarly, if it breaks this resistance, next one would be at $20,000. Again, the price may not increase that fast but a break of these ceilings would indicate a bullish momentum for Bitcoin and would be worth checking for an entry point for trading. Important to monitor the accumulation and volume levels.
This is just my opinion and I hope it helps you somehow. Constructive feedback always welcomed!
Happy Trading,
Ono.
Now, if Bitcoin breaks the resistance levels represented by the blue lines, first one being the resistance at ~ $10,000, it could make a run to $15,00 from these levels and similarly, if it breaks this resistance, next one would be at $20,000. Again, the price may not increase that fast but a break of these ceilings would indicate a bullish momentum for Bitcoin and would be worth checking for an entry point for trading. Important to monitor the accumulation and volume levels.
This is just my opinion and I hope it helps you somehow. Constructive feedback always welcomed!
Happy Trading,
Ono.
Comment:
Bitcoin continues to fall. Currently at $8,600 at the time of this writing.
Ono
