Bitcoin is sitting in a couple of down ward channels depending on which way you like to line it up. Currently finishing up a triangle which probably has the largest chance of breaking to the downside.
Depending on when and how fast it breaks down, and assuming it continues to the bottom of the smaller channel it gives a target of around 3150-3180 'ish'. This is also conveniently just above the 200 weekly MA. The 3k level may be next and which would likely be a good strong support - crypto loves those round numbers plus it lines up as a nice pivot point.
HOWEVER - whilst it would be nice to reach here and make technical sense to do so, you have to ask the question - how many people will be looking for this level and how many others are clever enough to know to front run this level. As a result I'm not convinced we would even get there as I would expect buyers to step in before. Perhaps somewhere around 3100 or slightly lower would make more sense.
If we did break up, which I'm less certain we would at the moment, despite apparent strong buying/ support around 3500 I would be looking for 3870 (4H 50MA) to 3900 initially. This could also be the upper line of a bigger triangle.
My 2 cents. Not trading/ investment advise :).
Depending on when and how fast it breaks down, and assuming it continues to the bottom of the smaller channel it gives a target of around 3150-3180 'ish'. This is also conveniently just above the 200 weekly MA. The 3k level may be next and which would likely be a good strong support - crypto loves those round numbers plus it lines up as a nice pivot point.
HOWEVER - whilst it would be nice to reach here and make technical sense to do so, you have to ask the question - how many people will be looking for this level and how many others are clever enough to know to front run this level. As a result I'm not convinced we would even get there as I would expect buyers to step in before. Perhaps somewhere around 3100 or slightly lower would make more sense.
If we did break up, which I'm less certain we would at the moment, despite apparent strong buying/ support around 3500 I would be looking for 3870 (4H 50MA) to 3900 initially. This could also be the upper line of a bigger triangle.
My 2 cents. Not trading/ investment advise :).
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Here we see the 200MA coming up (currently at 3144) which also lines up nicely with the next low volume node in the VPP
