Bitcoin's long-term support line hovers near $3000
Looking at the channel in the chart below, depicted by the main two white lines, and the one dotted-line as the median line of the channel, we can see that bitcoin's pullback is nearing the lower support line which, given the current trajectory could intersect around the $3000 mark or $2800 depending on how fast it is reached - if tested. That line could be the real bounce the bottom the market is waiting for, while if that line fails then $1800 and $1200 could be the next support target to the downside.
On the other hand, if this longer-term line holds, the market could be back at $10,000 by march 2019, or if the bear market plays out longer, then users may need to HODL until 2020 to recover. Note: the lows of 2015 are a good example of the type of double-bottom that could repeat, where the first bounce is short-lived, something like that could repeat where a recovery towards $6000 becomes temporary, before a lower-low or similar low is reached again where support could be established if the area around $3000 holds.
On the other hand, if this longer-term line holds, the market could be back at $10,000 by march 2019, or if the bear market plays out longer, then users may need to HODL until 2020 to recover. Note: the lows of 2015 are a good example of the type of double-bottom that could repeat, where the first bounce is short-lived, something like that could repeat where a recovery towards $6000 becomes temporary, before a lower-low or similar low is reached again where support could be established if the area around $3000 holds.
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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.