[Bitcoin] Convergence upward breakthrough!! Resistance LVL?

11 thg 7, 2022

#Crack #Bitcoin #Binance #1D


After the progress of the two large trend continuation patterns, convergence appeared again, but the bullish breakout with a strong bull candle.

In the big picture, resistance can be expected when the orange long-term support line has moved bearish, and when it rises again, resistance is expected.

We can expect resistance around $24,189.88, where the orange trend line and the light blue Fibonacci trend extension level of 0.382 overlaps, and we can expect resistance at $25,890 in case of overshooting.

If we look at the chart a little closer, there is potential for resistance on the orange long-term trend line, so we will respond with the possibility of a bullish channel in mind, despite the upward breakout of the convergence.


If you look at the first picture, it is a bullish channel with a narrow fluctuation range drawn as a wave created after the bottom is perfectly formed. In this case, there is a resistance section at $22,856-$22,984 below the orange long-term trend line. We can expect a bullish trend towards $15,507 or $11,497-$10,909.


If you look at the second picture, we see the possibility of a bullish channel with a large fluctuation based on the high made during the 13day decline. In this case, after breaking through the orange long-term resistance line, resistance remains open to the $25,890 level mentioned above.
If $25,890 resistance is found, it is necessary to check whether the orange long-term trend line is supported or not, and if the support is successful, the possibility of continuing the bull trend should be left open. We can expect a drop to $10,909.


- summary
From a long-term perspective, the important intervals are $25,890.65 and $24,189.88.
From a short-term perspective, the important intervals are $22,856-$22,984, $25,890.65
When resistance occurs at $22,856-$22,984, sell response after checking whether the bullish channel has broken
After resistance at $25,890, if support succeeds at the orange long-term trend line (near $24,189.88), buy response; if support fails, respond sells.