Hello fellas, Let's we start about the analysis podcast about bitcoin which is very important right now. so, sit tight and read this analysis carefully.
This is the weekly chart. And just like the title of this current article, we will discuss about the key levels and trend line on bitcoin. Let's make trend line at the first topic to discuss in this first paragraph. Connecting the high of the December 27th candle and the high of April 8th candle will produce an extended trend line that is now acting as a support trend line. Like what I've always said, even we have broken out of previous resistance trend line, in the future there will be an action to retest again the previous resistance trend line to become a support and vice versa. Currently, we see it clearly occur on current bitcoin's chart. And what's make it more interesting is the trend line is moving align with the golden pocket zone which act as a support too. With those facts above, we clearly see current support trend line is very significant on current bitcoin's movement.
And to anticipate the wick fishing region, I will give the 78.6% fib level as a perfect label for wick fishing region. This is make sense to me, if we see back at 2017 and 2018 which most of the investment instrument had a bounce right after they corrected the major trend at around 78.6% region. Beside it, if we look back at the historical data, we can easily see the $6000 - $5000 region was a really strong support during the 2018 consolidation market.
On every trade, it is important to anticipate the wick fishing region. because there will be a room for liquidation on short or long before it is going to claim the real major trend.
This is the weekly chart. And just like the title of this current article, we will discuss about the key levels and trend line on bitcoin. Let's make trend line at the first topic to discuss in this first paragraph. Connecting the high of the December 27th candle and the high of April 8th candle will produce an extended trend line that is now acting as a support trend line. Like what I've always said, even we have broken out of previous resistance trend line, in the future there will be an action to retest again the previous resistance trend line to become a support and vice versa. Currently, we see it clearly occur on current bitcoin's chart. And what's make it more interesting is the trend line is moving align with the golden pocket zone which act as a support too. With those facts above, we clearly see current support trend line is very significant on current bitcoin's movement.
And to anticipate the wick fishing region, I will give the 78.6% fib level as a perfect label for wick fishing region. This is make sense to me, if we see back at 2017 and 2018 which most of the investment instrument had a bounce right after they corrected the major trend at around 78.6% region. Beside it, if we look back at the historical data, we can easily see the $6000 - $5000 region was a really strong support during the 2018 consolidation market.
On every trade, it is important to anticipate the wick fishing region. because there will be a room for liquidation on short or long before it is going to claim the real major trend.
