Bitcoin is in 2 structures here. A big rising channel and a rising wedge inside the channel.
It has broken down out of the rising wedge. This can also be seen in the RSI. We are yet to see if the bottom of the channel will hold. I would watch carefully to see if bitcoin breaks under the channel or not.
Potential buy areas:
If you are looking to build a position, I put some rays on the chart of some potential buy areas.
The first area is the bottom of the channel that has showed support many times now.
Second, there is 2 dash lines that are resistance lines that are from the 2019 and 2017 tops to the recent top at the beginning of the year.
Third, the top in January around 42k should be a very strong support.
Lastly, 40k a psychological level and around 38k is an area with very high accumulation.
They seemed to have turned into support.
They are about:
$45500
$44000
$43000
$42000
$40000
$38700
Remember to control your position sizes. You also may want to look for a reversal.
Comment what you think and follow if you like the idea.
Also look at the related ideas for my previous idea.
It has broken down out of the rising wedge. This can also be seen in the RSI. We are yet to see if the bottom of the channel will hold. I would watch carefully to see if bitcoin breaks under the channel or not.
Potential buy areas:
If you are looking to build a position, I put some rays on the chart of some potential buy areas.
The first area is the bottom of the channel that has showed support many times now.
Second, there is 2 dash lines that are resistance lines that are from the 2019 and 2017 tops to the recent top at the beginning of the year.
Third, the top in January around 42k should be a very strong support.
Lastly, 40k a psychological level and around 38k is an area with very high accumulation.
They seemed to have turned into support.
They are about:
$45500
$44000
$43000
$42000
$40000
$38700
Remember to control your position sizes. You also may want to look for a reversal.
Comment what you think and follow if you like the idea.
Also look at the related ideas for my previous idea.
