A crucial trend line for BTC to be tested
The yellow trend line has not been broken since 2017. Zoom in and witness the support level is around 6445. This is a very crucial support level. During Feb low (6000), the trend line was still active. MACD also suggesting sell-off and RSI suggesting oversold.
Other ideas:
• On 4H chart, BTC is forming a double bottom with the base at 6000. If this is followed, a rally could be expected for 13,000!
• Death cross has also happened that suggest more price drop but I think it's relatively flat and trend can be reversed in no time. However, people will panic sell until 50MA gets back above 200MA.
• I'm new to these analyses, hence, comments are appreciated.
Other ideas:
• On 4H chart, BTC is forming a double bottom with the base at 6000. If this is followed, a rally could be expected for 13,000!
• Death cross has also happened that suggest more price drop but I think it's relatively flat and trend can be reversed in no time. However, people will panic sell until 50MA gets back above 200MA.
• I'm new to these analyses, hence, comments are appreciated.
Comment:
Bounced exactly from the trend line