Bitcoin : Breaking down of dynamic resistance, what's next?
Hello Fellas, How are you doing? I hope you are doing great. Let's start over for the update of bitcoin's current movement.
The interim swing high is at $10488, it is very close to the golden pocket area that I've shared to you a few days ago. And currently the price has already shown a heavy push to the downside. As you can see, I add 1 more region on smaller time frame (yellow box). You can see that the price has already shown an initial break down of this support. And for your information, the yellow region is the confluence area between the 200 MA on 4 hours chart and the 23.6 fib retracement level. However, the bear has shown a huge strength to fight back the bulls. I personally think that the price will hit the previous resistance that has already broken and it is now become the support as well.
In my view, I personally think that the price will comes back to test the $10100 - $10000 region again and will have a little bounce because this area is the golden pocket as well and finally we will see the $9400 - $9000 region as the first accumulation area for bitcoin. The weekly candle is going to close in 2 days ahead and we will see what it can perform.
***The green arrow line is my perspective on 4 hours chart.
Thank you fellas.
The interim swing high is at $10488, it is very close to the golden pocket area that I've shared to you a few days ago. And currently the price has already shown a heavy push to the downside. As you can see, I add 1 more region on smaller time frame (yellow box). You can see that the price has already shown an initial break down of this support. And for your information, the yellow region is the confluence area between the 200 MA on 4 hours chart and the 23.6 fib retracement level. However, the bear has shown a huge strength to fight back the bulls. I personally think that the price will hit the previous resistance that has already broken and it is now become the support as well.
In my view, I personally think that the price will comes back to test the $10100 - $10000 region again and will have a little bounce because this area is the golden pocket as well and finally we will see the $9400 - $9000 region as the first accumulation area for bitcoin. The weekly candle is going to close in 2 days ahead and we will see what it can perform.
***The green arrow line is my perspective on 4 hours chart.
Thank you fellas.
