Hi friends, hope you are well and welcome to the new trade setup of Bitcoin (BTC)
Broke down a triangle:
Bitcoin has broken down a descending triangle, now the next target, as per this triangle is $26500.
Significant support:
Bitcoin is moving below the support of $28600. This is the long-term support, therefore, we need to look at the closing on the weekly time frame. Within the next few hrs if weekly candle will be
closed below $28600, then Bitcoin can test the support of the falling wedge and as per my point of view, in the worst-case scenario, BTC can test the weekly 200 simple moving average.
Conclusion:
On a weekly time frame, if BTC will be closed below $28600 support, then there will be a high probability of testing the falling wedge's support once again. But if the priceline recovers back
above $28.6k then soon we can see a big price reversal at least upto the resistance of the wedge.
Broke down a triangle:
Bitcoin has broken down a descending triangle, now the next target, as per this triangle is $26500.
Significant support:
Bitcoin is moving below the support of $28600. This is the long-term support, therefore, we need to look at the closing on the weekly time frame. Within the next few hrs if weekly candle will be
closed below $28600, then Bitcoin can test the support of the falling wedge and as per my point of view, in the worst-case scenario, BTC can test the weekly 200 simple moving average.
Conclusion:
On a weekly time frame, if BTC will be closed below $28600 support, then there will be a high probability of testing the falling wedge's support once again. But if the priceline recovers back
above $28.6k then soon we can see a big price reversal at least upto the resistance of the wedge.