Logarithmic view : Testing the unbreakable support
Hello all, welcome back to the technical analysis of bitcoin. Here I want to share my technical analysis based on the logarithmic view and the weekly chart time frame for the long run projection purpose.
Looking a the price which is moving inside the ascending channel which has held the price since 2013, This is however the specific channel that drive the price to form a bullish momentum since 4 years ago. Beside those the upper line and the lower line of the channel which moved as the resistance trend line and the support trend line, I also provide the median line of the channel which has also been the support trend line for the price. We have seen the broke down of this median line of the channel back at 2018 which led to the huge bearish run at that time, right after touching the lower line of the channel which became the support trend line, the price tried to tested the previous broken median support as a resistance with a parabolic moves that occured between February 2019 - June 2019. But, when the price touched the median line, it got rejected and make the bears took over control again.
For now, the price is testing the lower line of the channel, we will see whether the price can breaks this down or another bounce to test again the median line as a resistance. Green lines are the huge support if the price breaks down of current channel. On the other hand, red line is the level of huge resistance when the price can bounces from current level.
Looking a the price which is moving inside the ascending channel which has held the price since 2013, This is however the specific channel that drive the price to form a bullish momentum since 4 years ago. Beside those the upper line and the lower line of the channel which moved as the resistance trend line and the support trend line, I also provide the median line of the channel which has also been the support trend line for the price. We have seen the broke down of this median line of the channel back at 2018 which led to the huge bearish run at that time, right after touching the lower line of the channel which became the support trend line, the price tried to tested the previous broken median support as a resistance with a parabolic moves that occured between February 2019 - June 2019. But, when the price touched the median line, it got rejected and make the bears took over control again.
For now, the price is testing the lower line of the channel, we will see whether the price can breaks this down or another bounce to test again the median line as a resistance. Green lines are the huge support if the price breaks down of current channel. On the other hand, red line is the level of huge resistance when the price can bounces from current level.
Looking at current drop. if we see from the weekly based and the logarithmic view, the price has already broken down of the lower line of the channel. If we see the weekly candle close like this and below this support trend line, we might see further drop to around the $3000 region which is the next horizontal level of support. Watch out and SAFU