Hello everyone,
Since our last post, BTC has continued to move into lower territory and has come closer to our last low ($5.7k). It seems that opinions are being increasingly split on whether a lower low, deep in the $5k range will happen, or a move upward from around here.
We've put on the chart what we've identified as the support levels, holding what seems to be the large triangle BTC has been trapped in since early 2018. The yellow trend-line, originating from late 2017, seems to to be holding off any further downside as we write this post, but this does not necessarily mean BTC will stop here. Directly below, we've identified a line that could allow BTC to form a slightly lower low ($5.6xx) before potential support.
The breakdown from these levels could plunge BTC deep into the $5k range from there. Although, BTC's low is still dependent on other influences.
Of course, upward movement is also possibly, but as we've mentioned many times before, we will meet heavy resistance along the way, with a break above the the downtrend-line (in white) as a very bullish indicator. Ultimately, to be comfortable with a market uptrend, we'd like BTC to make a higher high, which in our current situation would mean anything above the mid $8k level.
It is still unwise to call a bottom here, or even call for further downside movement. These levels are sensitive to all who are involved (whoever they may be), but a clear indication of direction is yet to show itself for BTC. Be sure to watch for these levels, as well as any others you or other analysts have identified; as shared knowledge is critical and important in these situations.
Please feel free to share your own thoughts with us, as we'd also like to hear different perspectives and analyses from others as well.
Thank you for reading.
Since our last post, BTC has continued to move into lower territory and has come closer to our last low ($5.7k). It seems that opinions are being increasingly split on whether a lower low, deep in the $5k range will happen, or a move upward from around here.
We've put on the chart what we've identified as the support levels, holding what seems to be the large triangle BTC has been trapped in since early 2018. The yellow trend-line, originating from late 2017, seems to to be holding off any further downside as we write this post, but this does not necessarily mean BTC will stop here. Directly below, we've identified a line that could allow BTC to form a slightly lower low ($5.6xx) before potential support.
The breakdown from these levels could plunge BTC deep into the $5k range from there. Although, BTC's low is still dependent on other influences.
Of course, upward movement is also possibly, but as we've mentioned many times before, we will meet heavy resistance along the way, with a break above the the downtrend-line (in white) as a very bullish indicator. Ultimately, to be comfortable with a market uptrend, we'd like BTC to make a higher high, which in our current situation would mean anything above the mid $8k level.
It is still unwise to call a bottom here, or even call for further downside movement. These levels are sensitive to all who are involved (whoever they may be), but a clear indication of direction is yet to show itself for BTC. Be sure to watch for these levels, as well as any others you or other analysts have identified; as shared knowledge is critical and important in these situations.
Please feel free to share your own thoughts with us, as we'd also like to hear different perspectives and analyses from others as well.
Thank you for reading.
