We have just seen a terrific run up, but now we have the ultimate quesiton:
Can we break the green line and resume the bull run, or will we drop back down?
Well, we saw bitcoin's price make an attempt when it kissed the convergence of the green bear market line, and the white upswing trendline on my chart. After falling under the Red support level, we are now in uncharted territory. The real question here is; where is the bottom short term before we get another shot at breaking through the green which IMO: would lead to a huge chance at new all time highs.
The first resistance on the way down is 39,500, which we have already seemed to find temporary support at. Assuming we don't bounce right back up for another test, it would be cool if we could double bottom here. If it gets worse, we could see a crash to the mid 37k range.
If you ask me, I think we will find a new higher low that will serve to create a trendline that isn't as unrealistically parabolic to ride upwards.
After so many days going straight up it's no surprise that we did fail the first attempt at the overall down trend line.
Let me know what you guys think in the comments. IMO: 50k within 3 weeks.
//NFA
Can we break the green line and resume the bull run, or will we drop back down?
Well, we saw bitcoin's price make an attempt when it kissed the convergence of the green bear market line, and the white upswing trendline on my chart. After falling under the Red support level, we are now in uncharted territory. The real question here is; where is the bottom short term before we get another shot at breaking through the green which IMO: would lead to a huge chance at new all time highs.
The first resistance on the way down is 39,500, which we have already seemed to find temporary support at. Assuming we don't bounce right back up for another test, it would be cool if we could double bottom here. If it gets worse, we could see a crash to the mid 37k range.
If you ask me, I think we will find a new higher low that will serve to create a trendline that isn't as unrealistically parabolic to ride upwards.
After so many days going straight up it's no surprise that we did fail the first attempt at the overall down trend line.
Let me know what you guys think in the comments. IMO: 50k within 3 weeks.
//NFA