BTC/USD 1M. Monthly chart. Global trend
Here's the global - main - trend of Bitcoin from the Bitstamp chart.
We see a channel forming here. Now Bitcoin is near the support zone. All the main details by my view are shown on the chart.
Still not all the details, not to make the chart messy.
Locally(from the perspective of the monthly chart) we see a down trendline forming here(orange). We can potentially reach and broke this trendline in the near future.
If we don't break it now - our potential then the nearest monthly support level, which is 13880$.
Still. If we break this local downtrend we can reach the monthly resistance zone which is 38500-45500$(shown on the chart). The POC of all distribution of 2021 is around 36000$. So this same zone might be the medium of the potential future distribution.
Eventually, we are still to reach 13880 support zone in my opinion. Also, if you pay attention, the same price movement that was in 2017, when we reached 20k$, might happen this time also, but this time in the other side. It's be a squeez from the support of the channel down. Exactly the same percent down, as it was up in 2017, is precisely the 13880$ level. You can check it by yourself.
So there are basically 2 main scenarios - break of a trendline and reach of 38-45k$ zone. Or not break of a trendline and then we reach at least 13880$. Everything is quite simple.
We see a channel forming here. Now Bitcoin is near the support zone. All the main details by my view are shown on the chart.
Still not all the details, not to make the chart messy.
Locally(from the perspective of the monthly chart) we see a down trendline forming here(orange). We can potentially reach and broke this trendline in the near future.
If we don't break it now - our potential then the nearest monthly support level, which is 13880$.
Still. If we break this local downtrend we can reach the monthly resistance zone which is 38500-45500$(shown on the chart). The POC of all distribution of 2021 is around 36000$. So this same zone might be the medium of the potential future distribution.
Eventually, we are still to reach 13880 support zone in my opinion. Also, if you pay attention, the same price movement that was in 2017, when we reached 20k$, might happen this time also, but this time in the other side. It's be a squeez from the support of the channel down. Exactly the same percent down, as it was up in 2017, is precisely the 13880$ level. You can check it by yourself.
So there are basically 2 main scenarios - break of a trendline and reach of 38-45k$ zone. Or not break of a trendline and then we reach at least 13880$. Everything is quite simple.
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