Bitcoin support - resistance patterns & the long term trend
The last 6 Bitcoin ATH correction were all characterized by the same 'crash-cycle corrections':
-Bitcoin had always 3 major support - resistance levels (red lines)
- Current cycle support levels:
- 6000$
- 3000$
- 1800$ (expected)
Assuming the current low is the low of this cycle would indicate that the current trendline is becoming 'sharper' again.
This is highly unlikely in my opinion given the fact that the trend became flatter after the 'inflextion point'.
Based on historical cycles characterized by 3 major support - resistance zones and the current (estimated) long term trendline I see 1 800 lining-up as price-target.
-Bitcoin had always 3 major support - resistance levels (red lines)
- Current cycle support levels:
- 6000$
- 3000$
- 1800$ (expected)
Assuming the current low is the low of this cycle would indicate that the current trendline is becoming 'sharper' again.
This is highly unlikely in my opinion given the fact that the trend became flatter after the 'inflextion point'.
Based on historical cycles characterized by 3 major support - resistance zones and the current (estimated) long term trendline I see 1 800 lining-up as price-target.
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