Bear market scenario. Whilst Bitcoin is below 200 daily simple moving average and the red dashed trend line , these levels could be important for capitulation prices.
Potential support points indicted by the volume profile:
$4400
$2800
$1300
Potential support points indicated by Fibonacci (retracement from start of bull run to the top):
$4800
$2500
I have overlaid the length of the 2014 bear market - 59 weeks.
Included are some popular long term trend lines . Bitcoin could bounce or Dead Cat bounce from these points.
A break above 200 daily ma or the red dashed resistance line of the falling wedge could kick off a new bull market.
Potential support points indicted by the volume profile:
$4400
$2800
$1300
Potential support points indicated by Fibonacci (retracement from start of bull run to the top):
$4800
$2500
I have overlaid the length of the 2014 bear market - 59 weeks.
Included are some popular long term trend lines . Bitcoin could bounce or Dead Cat bounce from these points.
A break above 200 daily ma or the red dashed resistance line of the falling wedge could kick off a new bull market.
