Hey, friends hope you are well and welcome the new update on Bitcoin. In this video you will watch how:
The priceline has formed a Head & Shoulder pattern and broke down the neckline and found resistance at $10K. There is strong resistance and the price action is getting rejected by this resistance again and again. At this time the priceline has again been rejected and moving down. We need buying volume in order to breakout this resistance.
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On the weekly chart, the priceline is moving in an up channel and at this time the price action of BTC is at the support. After placing pitchfork took it can be seen that if the priceline will move at half of this channel and it can cross $12K and if it will move up to the resistance of the channel then priceline of leading cryptocurrency can hit $13500.
On the daily chart, the priceline has broken down 25 and 50 SMAs. At the moment it is re-testing the 100 SMA support after being rejected by a strong resistance line.
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Conclusion:
Even though the priceline of the king of all cryptocurrencies is rejected by strong resistance on the daily chart but in the long term it is moving at the support of an up-channel. Therefore there is a possibility that the price action of BTC may re-test the $10K support again. But unless the support of up-channel on the weekly chart won’t be broken down we can expect a rally up to $13500 within the next few days.
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