Bitcoin Critical Support and Time Period
Updated
Just drawing lines on charts.
BTCUSD (Coinbase), Weekly
Looks like BTC is heading down to a critical support area around $35,500, coinciding with a breakout event in RSI by late October. If that area support holds, look for a reversal that needs to break out the upper trendline around 46.5k. IF we break through, then we need to break resistance around
52K and around 60k to try to find a new all-time high. Might make for some interesting times over the winter holidays.
Of course, we could always get an October surprise that sends us even further down past the lower trend line and into the hitter.
Good times.
BTCUSD (Coinbase), Weekly
Looks like BTC is heading down to a critical support area around $35,500, coinciding with a breakout event in RSI by late October. If that area support holds, look for a reversal that needs to break out the upper trendline around 46.5k. IF we break through, then we need to break resistance around
52K and around 60k to try to find a new all-time high. Might make for some interesting times over the winter holidays.Of course, we could always get an October surprise that sends us even further down past the lower trend line and into the hitter.
Good times.
Comment
While not following my drawn path exactly, let's see what happens as it pushes up against the upper trend line. If it breaks out, we're pushing to 52K for the next significant resistance. But I have my doubts (see the RSI). If it doesn't break the upper trend, well....
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