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BITCOIN More Downside Expected!
Happy Monday Traders & Investors
As we can see Bitcoin has been ranging within this ascending channel since over a year now.
After the double top formation in the 31k to 32k area, and the break of the previous uptrend that I mentioned in my previous post. (tradingview.com/chart/BTCUSD/lpWHQaB1-BITCOIN-Next-Days-Weeks/), BTC is making it's way back down to the support of the ascending channel. There are two options as a likely path for Bitcoin to reach the 21.5k to 22.5k area.
Option A:
Bitcoin will bounce from the current support where BTC found support formed by a strong historic support and resistance area and the 38.2% Fib. Retracement Level of the Uptrend from 15.5k to 31.8k.
A logical target for that bounce would be the area that Bitcoin has recently broken down from between 28.5k and 29.2k which also lays right between the 100 SMA (green) and the 50 SMA (black)
From that area Bitcoin will then likely make it's way down to the target area betwen 21.5k and 22.5k
Option B:
In this scenario Bitcoin will find downside inmediately after breaching the current support level to the downside abd make it's way
down to the target area betwen 21.5k and 22.5k on a more direct path.
If Bitcoin finds a bounce in the target area, a strong rally with a price target of at least 35k comes into play, however if the price drops and confirms below 21.5k the price correction could extend towards the area between 20k and 18.5k
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!
Happy Trading ✌🧡📈
As we can see Bitcoin has been ranging within this ascending channel since over a year now.
After the double top formation in the 31k to 32k area, and the break of the previous uptrend that I mentioned in my previous post. (tradingview.com/chart/BTCUSD/lpWHQaB1-BITCOIN-Next-Days-Weeks/), BTC is making it's way back down to the support of the ascending channel. There are two options as a likely path for Bitcoin to reach the 21.5k to 22.5k area.
Option A:
Bitcoin will bounce from the current support where BTC found support formed by a strong historic support and resistance area and the 38.2% Fib. Retracement Level of the Uptrend from 15.5k to 31.8k.
A logical target for that bounce would be the area that Bitcoin has recently broken down from between 28.5k and 29.2k which also lays right between the 100 SMA (green) and the 50 SMA (black)
From that area Bitcoin will then likely make it's way down to the target area betwen 21.5k and 22.5k
Option B:
In this scenario Bitcoin will find downside inmediately after breaching the current support level to the downside abd make it's way
down to the target area betwen 21.5k and 22.5k on a more direct path.
If Bitcoin finds a bounce in the target area, a strong rally with a price target of at least 35k comes into play, however if the price drops and confirms below 21.5k the price correction could extend towards the area between 20k and 18.5k
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!
Happy Trading ✌🧡📈
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