On the 5th Feb I noted that BTC had started to brake out of it's uptrend channel and that a daily close below this channel would increase the probability of prices eventually making it down to the red zone of support marked out on the chart (also November high)
As of today BTC has made it down to the support zone and looks like it's in the process of entering it.
it's probable that this zone could hold up as strong support and push BTC up in price in the short term to approx 22300 to 22600 (green zone). But might I add that if BTC does make it to the green zone and fails to break through it this will indicate weakness and a possible move back down to the red zone of support and potentially breaking it.
A daily close below support (red zone) would signal further weakness in the BTC price and would increase the probability of price making it down to high of Dec (blue zone)
Trade Green
As of today BTC has made it down to the support zone and looks like it's in the process of entering it.
it's probable that this zone could hold up as strong support and push BTC up in price in the short term to approx 22300 to 22600 (green zone). But might I add that if BTC does make it to the green zone and fails to break through it this will indicate weakness and a possible move back down to the red zone of support and potentially breaking it.
A daily close below support (red zone) would signal further weakness in the BTC price and would increase the probability of price making it down to high of Dec (blue zone)
Trade Green
