Hello traders
in my opinion BTC is trying to create big pattern something like falling wedge or maybe bull flag , so lets explain it in more details to make it easy for you :
as you can see in the picture BTC is almost hit bottom around 28.8k and 30k its because in this levels there is strong weekly support and if bitcoin breaks bottom of 28.8k it can be big dump in the history of bitcoin , something like covid19 dump !!!!
but hopefully BTC never close daily candle below the blue support line , so in the immediate short term there is chance for BTC to test the upper blue resistance line at fib 0.382 ratio (42.4k) level and if price break above , it there is absolute chance to changes the trend into the bullish in the all time frame.
I hope you enjoyed this analysis.
Do not forget to like and subscribe.
in my opinion BTC is trying to create big pattern something like falling wedge or maybe bull flag , so lets explain it in more details to make it easy for you :
as you can see in the picture BTC is almost hit bottom around 28.8k and 30k its because in this levels there is strong weekly support and if bitcoin breaks bottom of 28.8k it can be big dump in the history of bitcoin , something like covid19 dump !!!!
but hopefully BTC never close daily candle below the blue support line , so in the immediate short term there is chance for BTC to test the upper blue resistance line at fib 0.382 ratio (42.4k) level and if price break above , it there is absolute chance to changes the trend into the bullish in the all time frame.
I hope you enjoyed this analysis.
Do not forget to like and subscribe.
