Hello, guys. As we can see, we are travelling here on the Bitcoin chart within an enormous percentage range which is caused by the FIRST higher high made in many many months of that terrible bear market. We're not getting into that now.
We have formed a channel that may be acting like support and resistance with a rise in price.
Once the price closes above or below the channel it becomes invalid and the last point of support is the last high at about 4200. Once it breaks bitcoin is in serious trouble. We hope for it to hold and we'll see.
All of us know, old resistance becomes new support. If that happens it means that the trend has changed and we are due to a beginning of a new trend. This is my idea of a POSSIBLE scenario.
*Disclaimer*
This is not financial or trading advice, always do your own research because this market is very high risk and I am not your financial adviser. I will never tell you what to do with your trades or investments.
We have formed a channel that may be acting like support and resistance with a rise in price.
Once the price closes above or below the channel it becomes invalid and the last point of support is the last high at about 4200. Once it breaks bitcoin is in serious trouble. We hope for it to hold and we'll see.
All of us know, old resistance becomes new support. If that happens it means that the trend has changed and we are due to a beginning of a new trend. This is my idea of a POSSIBLE scenario.
*Disclaimer*
This is not financial or trading advice, always do your own research because this market is very high risk and I am not your financial adviser. I will never tell you what to do with your trades or investments.