Bitcoin's "205 Do or Die" Level
Bitcoin starts this week at a major support on the Weekly Kijun Sen at $265. Price has a possibility of holding here and then making a journey into the cloud where there is a high probability it will hit the Weekly Senkou B Resistance at $405.
However, the $265 level is NOT a multi-timeframe support. The Daily is still in a Bullish Ichimoku Wave pattern. The retracement from the last major move up to $315 in July could still experience a downside to the $238/$248 range and remain bullish long term.
If the current retracement turns completely bearish then Bitcoin will retest the $205 “Do or Die” Support level that it has held through 2015. This level is highly significant as it is the starting point for the massive bubble run up to $1150 back in 2013. Violating this level could spell the death of the Bitcoin bulls (the Mooninites)
For additional screenshots to this post:
ichimokutrade.com/c/cryptocurrencies/bitcoin-do-or-die/
However, the $265 level is NOT a multi-timeframe support. The Daily is still in a Bullish Ichimoku Wave pattern. The retracement from the last major move up to $315 in July could still experience a downside to the $238/$248 range and remain bullish long term.
If the current retracement turns completely bearish then Bitcoin will retest the $205 “Do or Die” Support level that it has held through 2015. This level is highly significant as it is the starting point for the massive bubble run up to $1150 back in 2013. Violating this level could spell the death of the Bitcoin bulls (the Mooninites)
For additional screenshots to this post:
ichimokutrade.com/c/cryptocurrencies/bitcoin-do-or-die/
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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.