BTC finally broke out the $21,654 resistance, which is the 0.5 level of the Fibonacci trend extension, which has been a solid resistance since the formation of the low on June 18.
With a strong bull trend, even the purple convergence top has been broken, and it is currently confirming support at $21,654.
If the $21,654 support is successful, we can expect a further short-term rebound, but since there is resistance at the top of the pink bull trend channel, and furthermore, as there is resistance in the orange long-term trend line, it is difficult to view the bull trend that appeared the previous day as a bullish reversal of the long-term trend.
There is also resistance at $22,580-$23,360, which was mentioned in the last briefing, so it is safe to watch whether the bull trend that emerged the previous day continues for the next 2-3 days.
If the orange long-term trend line breaks out, I think it is worth taking an aggressive buy response. Until then, we recommend that you respond as conservatively as possible.
If the bear trend continues further under the assumption that today's high is the high of the bear flag pattern, the expected support areas are $15,573-$15,508, $12,107-$10,909, and the overshooting level is confirmed at $8,184.72.
- Summary
Resistance section $22,580-$23,360 Important $24,190 Overshooting Level
Support section $19,828-$19,118 Important $15,573-$15,508 $12,107-$10,909 Important $8,184.72 Overshooting Level