By analysing the Bitcoin price action in the past weeks, we can see that we got several traps (bull & bear) near channel trend lines (upper & lower).
Is history gonna repeat itself? I think yes! Because of the factors previously said.
I still think 33k$ is NOT the bottom following Bitcoin Logarithmic Growth Curve analysis which indicate it around 29k$, rightly where our channel lower line indicate the next potential bottom.
The 29k$ should be watch attentively as a potential long term bottom. If it doesn't hold as a support, we can go down till 13k$ support area.
The next resistance is at 39600$ from where we can be rejected and fall down.
There is a bearish flag pattern formation with a target around 29k$.
There is the local fib 61.8% retracement level at 40067$ which can also be a potential reversal point.
Is history gonna repeat itself? I think yes! Because of the factors previously said.
I still think 33k$ is NOT the bottom following Bitcoin Logarithmic Growth Curve analysis which indicate it around 29k$, rightly where our channel lower line indicate the next potential bottom.
The 29k$ should be watch attentively as a potential long term bottom. If it doesn't hold as a support, we can go down till 13k$ support area.
The next resistance is at 39600$ from where we can be rejected and fall down.
There is a bearish flag pattern formation with a target around 29k$.
There is the local fib 61.8% retracement level at 40067$ which can also be a potential reversal point.
Note
29k$ reached
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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.