BITCOIN - The defining line in the middle of the channel!

According to this channel, the current price of Bitcoin has landed on the middle line of the channel, which has a supportive and resistant feature.

If the price reacts to this line, we can expect Bitcoin to start moving up again in the coming days and even reach the previous price ceiling of $ 45,000.

But if the bitcoin does not react to this line and breaks the line downwards, there will be a possibility of further drops to the bottom of the channel. Of course, the price can be stopped in the minor middle support and does not reach the bottom of the channel.


So let's see how Bitcoin reacts to the middle line.

Comment:

Let's take a closer look at the 4-hour timeframe; the trading volume at Binance Exchange confirms the support of $40,000. Currently, this negative trend has stopped, and you can enter the stage of entering the spot and long-term, but in the short term, there is still no positive signal.
By breaking the $40,000 (I mean closing the candles and stabilizing the price below it), Bitcoin will continue to fall to the $ 37,000 range.
Given the current situation, starting an uptrend in Bitcoin would require the price to cross $41,000 or fall to $37,000.
If you are a trader, pay close attention to your stop-losses.

Comment:

The recent decline in bitcoin has intensified again, and its downward candlesticks are long-bodied candlesticks , which is very worrying. The falling candlesticks indicate the heavy sales of investors and the market's bearishness.

Bitcoin has experienced good growth in the last two weeks, taking back all its past profits from its investors in just 4-5 days.

Currently, the $38,800 minor support of Bitcoin has been lost.

Bitcoin is now close to the $37,000 channel, and its volume has not increased significantly. $37,000 is good support for it.

Comment: