Maybe A Decending Channel is forming
As I mentioned before, there is a strong resistance at $51000, lots of people sold and short Bitcoin before price reaching $51000, it's really hard for Bitcoin to breakout previous top($50500).
But looking at the big picture, Bitcoin is not in danger, the market are still bullish, I think this resistance will be breaked soon.
Currenly $48000 is the first major support level according to fibonacci retracement tool and coincidentally it's a previous bottom point too, if this level have been breakdown then the next support will be $46500.
Decending Channel is a useful pattern to track price action, look over the figure above, I think maybe it is forming.
Watch out fake breakthrough.
Not Financial Advice :)
But looking at the big picture, Bitcoin is not in danger, the market are still bullish, I think this resistance will be breaked soon.
Currenly $48000 is the first major support level according to fibonacci retracement tool and coincidentally it's a previous bottom point too, if this level have been breakdown then the next support will be $46500.
Decending Channel is a useful pattern to track price action, look over the figure above, I think maybe it is forming.
Watch out fake breakthrough.
Not Financial Advice :)
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