Where is bottom?
Hi reader.
BTC broke out of ascending channel in an overall bearish market.
Closing below 18k will means 2 scenario.
1) Retest of lower trendline of latest ascending channel, rejected and closing below previous low of 17500, in this scenario we will see BTC drop into previous accumulation phase resistance (rectangle area). And this range also at around long term trendline (blue line below rectangle). Also will means 2023 will be a long accumulation phase. Invest and accumulate good token and wait to harvest in few years.
2) Previous low might hold and price will be in range before next mark up.
Both not in favors of bullish sentiment. As crypto is the most hyperinflated investment, this is expected.
Stay safe
BTC broke out of ascending channel in an overall bearish market.
Closing below 18k will means 2 scenario.
1) Retest of lower trendline of latest ascending channel, rejected and closing below previous low of 17500, in this scenario we will see BTC drop into previous accumulation phase resistance (rectangle area). And this range also at around long term trendline (blue line below rectangle). Also will means 2023 will be a long accumulation phase. Invest and accumulate good token and wait to harvest in few years.
2) Previous low might hold and price will be in range before next mark up.
Both not in favors of bullish sentiment. As crypto is the most hyperinflated investment, this is expected.
Stay safe
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