Hi traders. Thanks for tuning in for today's video update. Bitcoin took a tumble overnight, but price continues to hold above its base support for now.
Whether or not you value trendlines, it's funny how they sometimes line up. In today's analysis, there's a perfect touch to the longer-term downtrend that continues to form a descending triangle pattern with a strong support base at 18,600. For us, this base is very important at this point. A break lower, and we could see a new continuation/extension lower. If buyers can continue to hold above and form a new HL and test/break this week's high, this could be a new breakout/continuation higher, maintaining the current up leg.
We are looking for option two to pan out, but that's only if the support base can continue to hold.
We love to hear your feedback, so feel free to drop us a comment with your thoughts on Bitcoin at the moment.
Enjoy your Wednesday, and good trading.
Whether or not you value trendlines, it's funny how they sometimes line up. In today's analysis, there's a perfect touch to the longer-term downtrend that continues to form a descending triangle pattern with a strong support base at 18,600. For us, this base is very important at this point. A break lower, and we could see a new continuation/extension lower. If buyers can continue to hold above and form a new HL and test/break this week's high, this could be a new breakout/continuation higher, maintaining the current up leg.
We are looking for option two to pan out, but that's only if the support base can continue to hold.
We love to hear your feedback, so feel free to drop us a comment with your thoughts on Bitcoin at the moment.
Enjoy your Wednesday, and good trading.