What's up guys ! Ok so I know this chart is a little bit messy but it simply show all the potential supports for BTC if the fall continue... And since we breakout downside from the green uptrend line, we can expect more sell off for the next days or weeks.
I published a similar analysis last week on the weekly chart in Log scale (you can find this analysis below) but this time it's a monthly chart in linear scale and since both charts (Linear and Logarithmic) shows some little differences between supports zone, I think it's important to know where are the supports both in Log and Linear scale.
So as I was saying, we can see that since Bitcoin broke the green uptrend line support, BTC is probably heading to the next supports area which is around 4.5k (pink and turquoise lines). However, there are a lot of other aspects to take in consideration (aspects that you can find in my previous analysis). What I see on the chart is that more drop is imminent but because it's a monthly chart, it's not precise... And the drop will probably not come into a straight red line. So again, go see my previous analysis for more precision.
Also, if Bitcoin drop to those levels, we can expect a big bull run from those supports area. However it doesn't mean the bear market will be over... It's just a good trade opportunity.
Stay tuned for more updates !
Fred
I published a similar analysis last week on the weekly chart in Log scale (you can find this analysis below) but this time it's a monthly chart in linear scale and since both charts (Linear and Logarithmic) shows some little differences between supports zone, I think it's important to know where are the supports both in Log and Linear scale.
So as I was saying, we can see that since Bitcoin broke the green uptrend line support, BTC is probably heading to the next supports area which is around 4.5k (pink and turquoise lines). However, there are a lot of other aspects to take in consideration (aspects that you can find in my previous analysis). What I see on the chart is that more drop is imminent but because it's a monthly chart, it's not precise... And the drop will probably not come into a straight red line. So again, go see my previous analysis for more precision.
Also, if Bitcoin drop to those levels, we can expect a big bull run from those supports area. However it doesn't mean the bear market will be over... It's just a good trade opportunity.
Stay tuned for more updates !
Fred
