The current state of bitcoin's price is potentially the beginning of the infamous retracement many have been waiting for.
All Ichimoku indicators have been hidden besides the Chikou span indicator - which is a useful tool in establishing long term support/resistance lines.
$848.42 was an important support line. As you can see this line has been pivoted by the Chikou Span (pink line) since early/mid November. If price is sustained below this line. The next long term support as per Chickou span is:
$822.84
$769.68
$755.53
$718.56
$679.89
$654.36
I will be keeping a close eye for a break of $822.84 for a bounce in the $755.53 - $769.68 to open a short term long position. If we blast through that area I expect a heavy bounce at $718.56.
If we fail to break $822.84 - I expect a retest of the $$905 area which is yet again, another mid November long term Chikou Span trendline.
All Ichimoku indicators have been hidden besides the Chikou span indicator - which is a useful tool in establishing long term support/resistance lines.
$848.42 was an important support line. As you can see this line has been pivoted by the Chikou Span (pink line) since early/mid November. If price is sustained below this line. The next long term support as per Chickou span is:
$822.84
$769.68
$755.53
$718.56
$679.89
$654.36
I will be keeping a close eye for a break of $822.84 for a bounce in the $755.53 - $769.68 to open a short term long position. If we blast through that area I expect a heavy bounce at $718.56.
If we fail to break $822.84 - I expect a retest of the $$905 area which is yet again, another mid November long term Chikou Span trendline.