Bitcoin has hit strong support!
Updated
Chart Overview
Below is a bullet point summary of the chart, which include specific Gann lines that denote support or resistance.
* 3 Day BTC/USDT chart on binance
* Line A = Very Strong Support
* Line B = Strong Support
* Line C = Medium Resistance
* Line D = Strong Resistance
* Line E = Medium Resistance
* Line F = Strong Resistance
* Line G = Very Strong Resistance
* Line H = Future Resistance or Support
Analysis
We can see that the price is currently sitting on Line B, we can see via the volume that selling pressure has noticeably dropped. Two likely predictions would be a bounce from here to more upside or a crash through line B towards Line A.
In the first scenario, in the event the price bounces and continues to grow, the next resistance points which APPROXIMATELY be:
1) 45k
2) 53k
2) 65k
3) 77k
5) 85k
In the second scenario, in the event the price continues to decline, the next support points would APPROXIMATELY be:
1) 24k
2) 20k
3) 16k
4) 14k
5) 12k
Conclusion
Right now their doesn't seem to be any clear indication that the price will continue to fall significantly, volume is low and we've hit a strong support point. To play Devil's advocate, panic selling can push the price down to 24k, however judging by the last two drops to 30k and 28k and now this current decline the amount of panic selling left in the market is depleting.
What do you guys think, are we about to reverse or are we going to continue seeing lower prices?
Disclaimer: Not professional advice, do not invest your money based on this analysis.
Below is a bullet point summary of the chart, which include specific Gann lines that denote support or resistance.
* 3 Day BTC/USDT chart on binance
* Line A = Very Strong Support
* Line B = Strong Support
* Line C = Medium Resistance
* Line D = Strong Resistance
* Line E = Medium Resistance
* Line F = Strong Resistance
* Line G = Very Strong Resistance
* Line H = Future Resistance or Support
Analysis
We can see that the price is currently sitting on Line B, we can see via the volume that selling pressure has noticeably dropped. Two likely predictions would be a bounce from here to more upside or a crash through line B towards Line A.
In the first scenario, in the event the price bounces and continues to grow, the next resistance points which APPROXIMATELY be:
1) 45k
2) 53k
2) 65k
3) 77k
5) 85k
In the second scenario, in the event the price continues to decline, the next support points would APPROXIMATELY be:
1) 24k
2) 20k
3) 16k
4) 14k
5) 12k
Conclusion
Right now their doesn't seem to be any clear indication that the price will continue to fall significantly, volume is low and we've hit a strong support point. To play Devil's advocate, panic selling can push the price down to 24k, however judging by the last two drops to 30k and 28k and now this current decline the amount of panic selling left in the market is depleting.
What do you guys think, are we about to reverse or are we going to continue seeing lower prices?
Disclaimer: Not professional advice, do not invest your money based on this analysis.
Note
26/07/21 update: Huge Bounce off of support line B. We could begin traveling upwards within this megaphone pattern, between line B and C.Note
01/08/21 update: After the bullish bounce from line C, we are now touching line B. TWO scenarios I expect:A) Sideways action where we hug the line possibly fall into the middle between line B an C.
B) An explosive charge above line B where we meet resistance at 45k and find support on Line B.
Note
*Correction "find support on line C" Not B
Disclaimer
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