Hello fellas, How are you doing today? I hope you're doing great! This is the new week and I hope we get the new spirit for the entire weeks in 2019. Let's do technical analysis on bitcoin!
Looking at the chart, I want to give highlight to these 2 things.
First is the white trend line which is however playing a significant role on current bitcoin's movement. After we saw it to act as a strong support trend line, the price finally have broken down this significant support at November 21st . And right after it touched the local bottom, we can see the price surge to the upside to retest this previous broken support and it's still struggling to pass it again (the sign of potential rejection in the future)
Second thing that will be my concern is the parallel channel. we can see the blue parallel channel is looking good to as the price always respects the upper and lower line of the channel as support and resistance. But, the main idea is on the median line of the channel which act as a resistance too and the most important thing is that this median line has the cross point with the white resistance trend line. This could be the strongest resistance for bitcoin in short term.
I'm clearly bearish on this set up and my closest and ideal target for bitcoin will be on the white zone around $6000 region before the end of 2019.
Looking at the chart, I want to give highlight to these 2 things.
First is the white trend line which is however playing a significant role on current bitcoin's movement. After we saw it to act as a strong support trend line, the price finally have broken down this significant support at November 21st . And right after it touched the local bottom, we can see the price surge to the upside to retest this previous broken support and it's still struggling to pass it again (the sign of potential rejection in the future)
Second thing that will be my concern is the parallel channel. we can see the blue parallel channel is looking good to as the price always respects the upper and lower line of the channel as support and resistance. But, the main idea is on the median line of the channel which act as a resistance too and the most important thing is that this median line has the cross point with the white resistance trend line. This could be the strongest resistance for bitcoin in short term.
I'm clearly bearish on this set up and my closest and ideal target for bitcoin will be on the white zone around $6000 region before the end of 2019.
