I posted this idea long time ago when Bitcoin was above $60k and everyone was fucki* bullish.. I predicted this bear cycle.😁
So far, Bitcoin has followed my lines perfectly... 💪
As you can see on my chart in the long run Bitcoin moves on a bullish ascending channel📈
So what is the next move?
Well, as you can see in my chart, I expect a bounce from here to the 28-30k resistance zone. Good news can lead to upward bullish movements.
Can Bitcoin go down from here without that bounce to 28-30k resistance zone?
Well, it could, but notice that RSI Weekly and Monthly TFs is extremely oversold. Historically, Bitcoin always bounce when the RSI enters the oversold zone in these TFs.
Also notice that the RSI has entered the lower oversold zone first time since Dec-2018!!!
Can Bitcoin really hit that low 11-13k support area?
Technically, Bitcoin can hit this support area, any bad news, or even a stock market crash can lead Bitcoin to that price action. Not sure it will happen but keep in mind that it's on the table.
Can Bitcoin break the 11-13k support area?
Hard to believe, Doesn't make sense at all... but everything is possible!! that's why you need always to have a tight stop loss.
Good luck everyone and happy trading ...🙏🏻
So far, Bitcoin has followed my lines perfectly... 💪
As you can see on my chart in the long run Bitcoin moves on a bullish ascending channel📈
So what is the next move?
Well, as you can see in my chart, I expect a bounce from here to the 28-30k resistance zone. Good news can lead to upward bullish movements.
Can Bitcoin go down from here without that bounce to 28-30k resistance zone?
Well, it could, but notice that RSI Weekly and Monthly TFs is extremely oversold. Historically, Bitcoin always bounce when the RSI enters the oversold zone in these TFs.
Also notice that the RSI has entered the lower oversold zone first time since Dec-2018!!!
Can Bitcoin really hit that low 11-13k support area?
Technically, Bitcoin can hit this support area, any bad news, or even a stock market crash can lead Bitcoin to that price action. Not sure it will happen but keep in mind that it's on the table.
Can Bitcoin break the 11-13k support area?
Hard to believe, Doesn't make sense at all... but everything is possible!! that's why you need always to have a tight stop loss.
Good luck everyone and happy trading ...🙏🏻
