BitcoinLong
Bitcoin retrace to 48k-50k before continue down?
After a nice 6 week bull run on September 6th Bitcoin finally broke out of its channel down to major support zone of 43k September 7th. Which we touched on Aug 8th, 12th,17th and the 19th. This would be the "Neck-Line" area from are Previous Higher High of 52k. Price on the daily has yet to close below that major zone of 43k. Which to me signals bulls still have some fight and buying power brewing from the last run. Currently looking oversold and with liquidity waiting from the quick 2 day drop sep 6th-8th. Price has been moving sideway but slightly up , bouncing off that major support zone of 43k again. A double bottom seems to be forming which will aid more support for this small retrace to 48k-50k major zone but not breaking the previous high of 52k. 43kzone will be tested again before continuing this possible downtrend to fill the gap to 30k. It looks like this pattern on the daily could be performing a small "island top" which i read in a book on patterns. price will fill the gap back down to 30k almost mirroring the left side 6 week bull run . . stay tuned over the next week or 2 will continue to update. Good luck traders
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.