Bitcoin analysis - Prepare yourself for these scenarios mentally
I believe we are at a very important crossroad. The first sign of positivity was the crossing of the important trend line, however, we have not tested it successfully as a support yet. The second and most important confirmation I need is for the 12k trend line to be violated on the upside to make a higher high, which has not yet happen. Therefore, I still consider this a downtrend, even though that is not a popular opinion for now. Should the main trend line give way to lower prices, it is possible that we will see a range and a bounce from there. But should that low break, We would see prices in the range of 8k as showed by point D on the chart.
I am optimistic about the future of bitcoin and blockchain, but until that green trend line is broken on the upside, it's not time to pop the champagne yet and it is best to prepare for an eventual downside move and act rationally if it comes to that.
You can visit my youtube page for additional analysis, its free: youtube.com/channel/UCSpprW2JF41VZULcn90sOmQ
I am optimistic about the future of bitcoin and blockchain, but until that green trend line is broken on the upside, it's not time to pop the champagne yet and it is best to prepare for an eventual downside move and act rationally if it comes to that.
You can visit my youtube page for additional analysis, its free: youtube.com/channel/UCSpprW2JF41VZULcn90sOmQ
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.