Bitcoin had reached $12000 , then we saw a 20% dropdown. Then there had been a rebound (growth) to the mirror level, from which we made another move down to the lower support line of the upward channel.
Triangle has formed with an upper resistance line (mirror level) and a support line (channel's support line). As a rule, such patterns (triangles) signal about continuation of a given trend.
The next horizontal level is near $9500 (there is also a 38.2% Fibonacci level).
There is another scenario: if we do not break the support line of the upward channel and we will continue an uptrend. At the top, we have a resistance of $12000.
Best regards EXCAVO
Triangle has formed with an upper resistance line (mirror level) and a support line (channel's support line). As a rule, such patterns (triangles) signal about continuation of a given trend.
The next horizontal level is near $9500 (there is also a 38.2% Fibonacci level).
There is another scenario: if we do not break the support line of the upward channel and we will continue an uptrend. At the top, we have a resistance of $12000.
Best regards EXCAVO
Comment:
Touched support line
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