Bitcoin critical price levels / support
Updated
Bitcoin has been in an uptrend on the past week, and is currently under pressure, backtesting a critical support level. It is at a critical decision point.
It is in the process of forming a head and shoulders pattern. A confirmation is needed, however. A break below the neckline would put the downside target at 21k, where it would meet other support zones including the 50 week EMA and volume profile resistance.
A break outside of the upper descending channel would put a price target of 41k.
Not to taken as financial advice, just for entertainment purposes only
It is in the process of forming a head and shoulders pattern. A confirmation is needed, however. A break below the neckline would put the downside target at 21k, where it would meet other support zones including the 50 week EMA and volume profile resistance.
A break outside of the upper descending channel would put a price target of 41k.
Not to taken as financial advice, just for entertainment purposes only
Note
Bounced off support zone, now holding onto an ascending channel bottom. Needs to hold above around 34k on higher timeframe closes, for upward momentum to continue.Trade closed: target reached
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