Bitcoin is positioned to start a new weekly bear wave.
However, it also has the potential for a new uptrend to begin. The reason is that it is the first appearance of the daily bullish pattern.
The blue line drawn at the bottom of the chart is a very important criterion.
That line is the previous monthly support line. If it rises above that line again and settles, it could be a signal that could create an early pattern for an uptrend.
]A low is what becomes the starting line of a new monthly or yearly uptrend.
Conversely, below that line is the daily supply zone. Even if it rebounds, if it fails to break through this resistance area, it will act as a very strong resistance line. If so, it acts as a support line for the weekly downtrend.
Please keep these two things in mind for safe trading.
good luck.
However, it also has the potential for a new uptrend to begin. The reason is that it is the first appearance of the daily bullish pattern.
The blue line drawn at the bottom of the chart is a very important criterion.
That line is the previous monthly support line. If it rises above that line again and settles, it could be a signal that could create an early pattern for an uptrend.
]A low is what becomes the starting line of a new monthly or yearly uptrend.
Conversely, below that line is the daily supply zone. Even if it rebounds, if it fails to break through this resistance area, it will act as a very strong resistance line. If so, it acts as a support line for the weekly downtrend.
Please keep these two things in mind for safe trading.
good luck.
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.
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.