BTC Monthly Chart - Strong Trendline + Strong Support = Long?
Looking at the Monthly BTC chart sometimes puts things into perspective.
Yes we have dropped 62% from ATH
Yes we are currently dropping through fib levels fast. But we have a strong trendline right under us and under that is a strong support level.
We have to break through some big barriers to drop down and volume is lower than last month, and what happened last month, we bounced up.
The RSI level is holding right now too, a previous level which bounced us from $465 to $20k.
The truth is no one knows for sure what will happen, we just look at possibilities, most people are saying we will drop more, to 6k 5k 4k, some even say 3k.
I just want to show you that there are other possibilities.
Note I am not a trader, this is not financial advice, just giving you ideas to think about.
Yes we have dropped 62% from ATH
Yes we are currently dropping through fib levels fast. But we have a strong trendline right under us and under that is a strong support level.
We have to break through some big barriers to drop down and volume is lower than last month, and what happened last month, we bounced up.
The RSI level is holding right now too, a previous level which bounced us from $465 to $20k.
The truth is no one knows for sure what will happen, we just look at possibilities, most people are saying we will drop more, to 6k 5k 4k, some even say 3k.
I just want to show you that there are other possibilities.
Note I am not a trader, this is not financial advice, just giving you ideas to think about.
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This again is the monthly chart, it's not a pizza slice. It's a possible pennant bullish.
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Weekly Ichimoku Cloud says relax
Essetinally I made the monthly chart on top of the weekly lol
Look at the size of the candle I made though, it's a bear candle sure, but look how tiny it is, this tells me bears are running out of steam.
It tells me there is HOPE!
Hope don't pay the bills yet, but it's all bag holders and future buyers have right now.