BTC/USD - The Level To Watch!
During the down move there has been many levels where we have watched for corrections, up moves, down moves, and so on. But, there is probably none AS important as the current support zone outlined in my chart. As you all saw in my last analysis, I have outlined the same support, and a lower side-wards support line where price will likely bounce for the up move (See related ideas below for more information on this analysis). This support level is so important... why? It's the level where price bounced before the rally that began the entire hype on Bitcoin, everything that Bitcoin became, Bitcoin becoming ubiquitous, all started at the support level we're now at. It's a level I recommend everyone watches extremely closely as it's the level which will tell us whether bitcoin will survive the downtrend or not. Breaking below this (Especially also breaking below the side-wards line slightly lower) shows a massive defiance of a support that WOULD hold if the value was behind it... If it fails, the fundamental value is therefore LOWER. How can I be sure of this? It does NOT take 8 months for an asset (In this case bitcoin) to fall to it's fundamental value... So, breaking it would show it's value is below the support level 100 percent, and only ETF would change that.
The above may seem pessimistic, that's because it actually is. HOWEVER, I don't actually really see bitcoin breaking the horizontal support zone and especially the side-wards support line slightly below. I am hoping bitcoin stays above the support where we could get an excellent up move! Today is looking weak, but I am hoping that bulls come in after the weekend and keep the sustained and constant buying bitcoin needs as I always say in my analysis.
Anyway, previous analysis going perfectly to plan so far, and hoping support holds. Watch this chart VERY carefully, I've tried my best to tell you all how important this support zone is... So stay vigilant!
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
The above may seem pessimistic, that's because it actually is. HOWEVER, I don't actually really see bitcoin breaking the horizontal support zone and especially the side-wards support line slightly below. I am hoping bitcoin stays above the support where we could get an excellent up move! Today is looking weak, but I am hoping that bulls come in after the weekend and keep the sustained and constant buying bitcoin needs as I always say in my analysis.
Anyway, previous analysis going perfectly to plan so far, and hoping support holds. Watch this chart VERY carefully, I've tried my best to tell you all how important this support zone is... So stay vigilant!
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.