TodRose

Analysis of BTC/USD chart the support and resistance levels

BITFINEX:BTCUSD   Bitcoin
Analysis of BTC/USD chart the the support and resistance levels that the price is stuck withing, On the weekly the price is withing descending triangle and holding the support zone and bottom of that triangle, support between 6000 - 6750. If the price break and trade below that level, then the bulls will be in trouble and we may see massive declines toward 2018 lows around 3300. However, if eventually the price break above this descending triangle and trade above 8500 we may talk about big rally in bitcoin. On the daily the price is withing descending price channel and bounce from the bottom of that channel, however still unable to break and trade above 7500. Price is holding support zone and bottom of a triangle on the weekly between 6000 - 6750 and unable to break resistance on the daily and trade above 7500. Very interesting zone that everything in the world is watching to see how it will resolve, break to the downside or break to the upraise. For me chart is showing bias to the downside.

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