BTC next stop low 50k region
In my previous posts I mentioned we could very well see a move down the the lower green box I have on the chart.
1) Instead bitcoin found support yet again on the lower green uptrending line within the triangle pattern as you see here.
2) The green box in the middle previously marked a key resistance zone for bitcoin. Since we have tackled that zone and rejected off it many times since the beginning of the year, in combination with continuously setting highs, we have broken it and flipped it from resistance to support.
3) We don't have much resistance above 52k so if we break this area, we will likely see mid to high 60K trading yet again.
4) We will need a correction if we want to sustain 60k and above price levels. In my opnion we will likely see a move to the top of the ichimoku cloud into the 52k region, correct back down to the green box and use it as support before continuing upward.
5) #4 is important as a re-test of this zone of support, (previously resistance that has kept us down for months) would be the healthiest thing bitcoin could do.
8) This is not financial advice and always do your own research.
1) Instead bitcoin found support yet again on the lower green uptrending line within the triangle pattern as you see here.
2) The green box in the middle previously marked a key resistance zone for bitcoin. Since we have tackled that zone and rejected off it many times since the beginning of the year, in combination with continuously setting highs, we have broken it and flipped it from resistance to support.
3) We don't have much resistance above 52k so if we break this area, we will likely see mid to high 60K trading yet again.
4) We will need a correction if we want to sustain 60k and above price levels. In my opnion we will likely see a move to the top of the ichimoku cloud into the 52k region, correct back down to the green box and use it as support before continuing upward.
5) #4 is important as a re-test of this zone of support, (previously resistance that has kept us down for months) would be the healthiest thing bitcoin could do.
8) This is not financial advice and always do your own research.
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.