a retest of the may high ($64.9k) was blatantly obvious, and we may very well find support here and continue up. but if history is going to repeat itself, we could be dipping a bit further before the next leg up. if we do, i see a hotspot primed for a bounce around $58-59k:
1. 3x long pressure from $39.57k
2. 2x long pressure from $28.6k
3. 7x short pressure from $69k
4. retest of long term support/resistance line (red)
5. recent support
yes, that long term support/resistance line is the very same line that's been haunting bitcoin since 2014:
if price fails to find support here, the uptrend line/bottom of the channel (white) would be the next logical stop. and that would actually be about a 25% retracement, almost exactly the dip we saw on the same dates four years ago:
volatility can be tough to stomach, but it's the price you pay for big moves:
1. 3x long pressure from $39.57k
2. 2x long pressure from $28.6k
3. 7x short pressure from $69k
4. retest of long term support/resistance line (red)
5. recent support
yes, that long term support/resistance line is the very same line that's been haunting bitcoin since 2014:
if price fails to find support here, the uptrend line/bottom of the channel (white) would be the next logical stop. and that would actually be about a 25% retracement, almost exactly the dip we saw on the same dates four years ago:
volatility can be tough to stomach, but it's the price you pay for big moves:
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here we go
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i think we're good to go
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well it looks like we got that trendline after all. -22.5%.
