BItcoin price action analysis.

Based on fractal analysis over a year period I have created this chart. I think when bitcoin breaks out of this downward trend it most likely will break higher. Disclaimer, this is based solely on my opinion and it is not to be used as an investment strategy.

Comentário:

The long term trend line shows support at the 6900 level. There is a subsequent condition that if the side trend line is broken before the lower long term support lows in the range of 7150 will be seen. This is a condition I hope for because I think a stronger bounce will occur because this show that there are strong hands accumulating at this level in the Asian market hours which has been seen a time of weak buying.

Disclaimer, this is based solely on my opinion and it is not to be used as an investment strategy.