Maybe A Decending Channel is forming
As I mentioned before, there is a strong resistance at $51000, lots of people sold and short Bitcoin before price reaching $51000, it's really hard for Bitcoin to breakout previous top($50500).
But looking at the big picture, Bitcoin is not in danger, the market are still bullish, I think this resistance will be breaked soon.
Currenly $48000 is the first major support level according to fibonacci retracement tool and coincidentally it's a previous bottom point too, if this level have been breakdown then the next support will be $46500.
Decending Channel is a useful pattern to track price action, look over the figure above, I think maybe it is forming.
Watch out fake breakthrough.
Not Financial Advice :)
But looking at the big picture, Bitcoin is not in danger, the market are still bullish, I think this resistance will be breaked soon.
Currenly $48000 is the first major support level according to fibonacci retracement tool and coincidentally it's a previous bottom point too, if this level have been breakdown then the next support will be $46500.
Decending Channel is a useful pattern to track price action, look over the figure above, I think maybe it is forming.
Watch out fake breakthrough.
Not Financial Advice :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.