Back in downward channel
Updated
Hello traders,
sadly Bitcoin didn´t get the chance to close the inverse head and shoulder pattern.
The black swan event (corona virus) also affected the crypto market because of a global panik level.
Now we have to watch closely, how Bitcoin reacts at several points:
- downward channel top (resistance)
- 6,400 prior support, now huge resistance
- 200 week MA as support
The next weeks could be much of sideways action.
Hopefully we don´t fall lower in this channel, but i expect a few weeks before we retest the top line again.
Good luck to all and the most important thing: Stay healthy!
sadly Bitcoin didn´t get the chance to close the inverse head and shoulder pattern.
The black swan event (corona virus) also affected the crypto market because of a global panik level.
Now we have to watch closely, how Bitcoin reacts at several points:
- downward channel top (resistance)
- 6,400 prior support, now huge resistance
- 200 week MA as support
The next weeks could be much of sideways action.
Hopefully we don´t fall lower in this channel, but i expect a few weeks before we retest the top line again.
Good luck to all and the most important thing: Stay healthy!
Note
My previous chart (idea) bevor black swan event:
Note
Fighting upper line of trend channel.Breakout is possible!
Note
Back at multi year channel!Now we have to wait and watch, if this dashed line react as resistance.
If we break on the weekly above, it should be huge support!
Note
Expected move done ... 5 months later, but done! Press "play" and see the beauty
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.