Critical Time for Bitcoin!!
What we have in this analysis is a very simple setup:
First we have a linear statistical regression drawn from the top of the previous high all the way to current price. After using this tool, I was able to change the colors to my liking and have a nice look channel.
Second, there is a from the previous tops to local bottoms. Interesting, we can see that the previous drop for bitcoin happened at the .618 level after couldn't seem to break the downtrend.
Third, I have placed the aqua trading region where volatile price action will occur to build support or resistance.
This is a very interesting time to watch for bitcoin , as the next move WILL REQUIRE LARGE in order to get to the next levels.
I will be trying to find a long position upon a RETEST of the BREAKOUT of BTC .
At this point, i am unsure with current momentum of time of the post, if we will be able to break these levels, however, things can change and will come FAST.