Back to the basic, $8000 region could be the bottom if..
Hello all, here I present you about another bitcoin's view from higher degree of analysis. Always looks at another possibility and try to find any confluence reasons to enter the trade. Enjoy the analysis!
Here is another point of view of bitcoin in higher time frame. As we can see that previously between June 2019 - December 2020, the price was moving inside the descending channel which a lot of fear and doubt has occured during this period. And during the beginning of January 2020, we have seen several trials from the price to breaks out of the upper line of the descending channel before finally we have seen a break out around the end of January 2020. After the breaks out of this descending channel, the price has spiked up to the peak of the $10500 region which is the interim swing high for bitcoin that finally forms a double top structure.
Actually the bulls were very strong during the push toward the $10500 region. But, right after the price touched the $10500 region, we have seen a parabolic moves with almost 20% down in 17 days. Personally, I'm not surprise with current parabolic move down as I always mentioned in my previous analysis that the parabolic moves to the upside will cause a potential parabolic moves to the down side as a correction. Beside, my opinion is inline with the fact that since the broken out of the upper line of the descending channel, the price hasn't shown us a proper retest to it as a support. And with current down side moves, I do believe that this could be a phase 2 of break out strategy which is retesting previous broken resistance that is now become support.
I see that the white region (around $8000 region) is a strong support for bitcoin right now. As long as the price can sustain above this level, I'll expect a $12900 region to be tested in the future. Let's see!
Here is another point of view of bitcoin in higher time frame. As we can see that previously between June 2019 - December 2020, the price was moving inside the descending channel which a lot of fear and doubt has occured during this period. And during the beginning of January 2020, we have seen several trials from the price to breaks out of the upper line of the descending channel before finally we have seen a break out around the end of January 2020. After the breaks out of this descending channel, the price has spiked up to the peak of the $10500 region which is the interim swing high for bitcoin that finally forms a double top structure.
Actually the bulls were very strong during the push toward the $10500 region. But, right after the price touched the $10500 region, we have seen a parabolic moves with almost 20% down in 17 days. Personally, I'm not surprise with current parabolic move down as I always mentioned in my previous analysis that the parabolic moves to the upside will cause a potential parabolic moves to the down side as a correction. Beside, my opinion is inline with the fact that since the broken out of the upper line of the descending channel, the price hasn't shown us a proper retest to it as a support. And with current down side moves, I do believe that this could be a phase 2 of break out strategy which is retesting previous broken resistance that is now become support.
I see that the white region (around $8000 region) is a strong support for bitcoin right now. As long as the price can sustain above this level, I'll expect a $12900 region to be tested in the future. Let's see!
