Since November 13, After broke through about $8000. This is the first week Bitcoin dropped about 46.11% to $10700 in one week after Bitcoin hit $19891.
That's mean the most recent support still at $6000 - $8000 area.
Until present, Bitcoin found the "Reaction Area" from $10833.7 - $12645.6. This may be our potential support area because the market seem like going to close above this area soon.
In 1W Chart, Bitcoin's trend is still going up. The price try to dip below the Conversion and Base Line but failed, price still above the trendline the green cloud.
In 1D Chart, Bitcoin's have another story. As you notice that, we have a new "breakout" about $17000 but the price didn't hold up there then drop down sharp and quick. That's mean this is a spike out.
We not going to count to this is a valid breakout so we have to move back with out previous breakout down $8000. This is a bad news because Bitcoin can drop to this area then bounce back.
But the overal still in up trend, Price bounced back from "Reaction area" near the trendline, below Conversion and Base Line and above green cloud mean buyer territory.
If you are going to "Long". That's a good idea for you to wait until the price come closer to the trendline for the best entry and exit near $15295.5 - $16380 ( For short-term trade )
In 4H Chart, We're now under the cloud and the "rain" coming soom before the "Sun flare up" . I'm still waiting in deep
In a larger aspect, We may in the "Third wave" and the "Fourth Wave" had stated. I believe that Sellers will go deep below the "Reaction Area" near "Breakout Zone".
I'll observe and update as soon as possible.
Happy Trading All
That's mean the most recent support still at $6000 - $8000 area.
Until present, Bitcoin found the "Reaction Area" from $10833.7 - $12645.6. This may be our potential support area because the market seem like going to close above this area soon.
In 1W Chart, Bitcoin's trend is still going up. The price try to dip below the Conversion and Base Line but failed, price still above the trendline the green cloud.
In 1D Chart, Bitcoin's have another story. As you notice that, we have a new "breakout" about $17000 but the price didn't hold up there then drop down sharp and quick. That's mean this is a spike out.
We not going to count to this is a valid breakout so we have to move back with out previous breakout down $8000. This is a bad news because Bitcoin can drop to this area then bounce back.
But the overal still in up trend, Price bounced back from "Reaction area" near the trendline, below Conversion and Base Line and above green cloud mean buyer territory.
If you are going to "Long". That's a good idea for you to wait until the price come closer to the trendline for the best entry and exit near $15295.5 - $16380 ( For short-term trade )
In 4H Chart, We're now under the cloud and the "rain" coming soom before the "Sun flare up" . I'm still waiting in deep
In a larger aspect, We may in the "Third wave" and the "Fourth Wave" had stated. I believe that Sellers will go deep below the "Reaction Area" near "Breakout Zone".
I'll observe and update as soon as possible.
Happy Trading All
