-cycle of support and resistance followed by retests since January of 2021
-downtrend since early November with a clear resistance
-bitcoin has gapped down past the support level that has been clear since late July
Currently Bitcoin is struggling to move either direction, and a close red would be a sign of bearish continuation.
In the case that Bitcoin poses a reversal the $51904 and and $53461 resistance levels are at and below the descending resistance level.
A retest of this level could continue the downtrend back to the level of $42200 that we saw yesterday (breaking the 5 month long support level)
I suggest averaging down with a small amount when a key level is passed / tested. Good luck to all.
-downtrend since early November with a clear resistance
-bitcoin has gapped down past the support level that has been clear since late July
Currently Bitcoin is struggling to move either direction, and a close red would be a sign of bearish continuation.
In the case that Bitcoin poses a reversal the $51904 and and $53461 resistance levels are at and below the descending resistance level.
A retest of this level could continue the downtrend back to the level of $42200 that we saw yesterday (breaking the 5 month long support level)
I suggest averaging down with a small amount when a key level is passed / tested. Good luck to all.