THE CURRENT STATE OF BITCOIN....
The current state of bitcoin's price is potentially the beginning of the infamous retracement many have been waiting for.
All Ichimoku indicators have been hidden besides the Chikou span indicator - which is a useful tool in establishing long term support/resistance lines.
$848.42 was an important support line. As you can see this line has been pivoted by the Chikou Span (pink line) since early/mid November. If price is sustained below this line. The next long term support as per Chickou span is:
$822.84
$769.68
$755.53
$718.56
$679.89
$654.36
I will be keeping a close eye for a break of $822.84 for a bounce in the $755.53 - $769.68 to open a short term long position. If we blast through that area I expect a heavy bounce at $718.56.
If we fail to break $822.84 - I expect a retest of the $$905 area which is yet again, another mid November long term Chikou Span trendline.
All Ichimoku indicators have been hidden besides the Chikou span indicator - which is a useful tool in establishing long term support/resistance lines.
$848.42 was an important support line. As you can see this line has been pivoted by the Chikou Span (pink line) since early/mid November. If price is sustained below this line. The next long term support as per Chickou span is:
$822.84
$769.68
$755.53
$718.56
$679.89
$654.36
I will be keeping a close eye for a break of $822.84 for a bounce in the $755.53 - $769.68 to open a short term long position. If we blast through that area I expect a heavy bounce at $718.56.
If we fail to break $822.84 - I expect a retest of the $$905 area which is yet again, another mid November long term Chikou Span trendline.
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