BitcoinAtualizado BTC - Where is the Bottom?
With the false breakout of the primary trend resistance and a swift move back below, we're now testing the primary support zone year to date (approximately between 5800 and 6500). If price action stabilizes and finds support in this zone, the next upside target is breaking that primary trend resistance once more.
Ideally, the bulls would have wanted the original break to hold, but a false breakout and retest of support does not invalidate a bullish scenario, it only extends the current timeline, expands the base of the chart, as price action slowly and smoothly carves out a larger bottom.
If the current support zone fails, that could be quite ugly, as the only meaningful support is a larger support trend line connecting bottoms all the way back to 2015. Depending on the break, if it happens, we could see prices below 4900.
Ideally, the bulls would have wanted the original break to hold, but a false breakout and retest of support does not invalidate a bullish scenario, it only extends the current timeline, expands the base of the chart, as price action slowly and smoothly carves out a larger bottom.
If the current support zone fails, that could be quite ugly, as the only meaningful support is a larger support trend line connecting bottoms all the way back to 2015. Depending on the break, if it happens, we could see prices below 4900.
Nota
This is the trend line back to 2015 that I mentioned in my previous notesNota
As of this update, no material change in outlook. Still holding in support zone.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.