Bitcoin on current structure is looking very very bad as we are seeing the price breaches below the support which was previously a broken resistance.
With this condition, there are 3 scenarios which we can anticipate for the future’s movement.
1. Considering the price is now trending at the support of the golden pocket, we may expect a bounce and reclaim the area above $21500 as a support again. If this is the case, it will be very bullish for the next cycle.
2. If the price breaches below the support of golden pocket, we may see further test to the lower line of support trend line which is area around $20000 as the psychological support level.
3. There are also scenario for further consolidation which we will see further movement which shows us a flattening price action on the range between $21500-$20000.
For an addition, $20000 is still becoming the most crucial level to watch right now. We will entering more downside bearish cycle if the price breaks below current support.
With this condition, there are 3 scenarios which we can anticipate for the future’s movement.
1. Considering the price is now trending at the support of the golden pocket, we may expect a bounce and reclaim the area above $21500 as a support again. If this is the case, it will be very bullish for the next cycle.
2. If the price breaches below the support of golden pocket, we may see further test to the lower line of support trend line which is area around $20000 as the psychological support level.
3. There are also scenario for further consolidation which we will see further movement which shows us a flattening price action on the range between $21500-$20000.
For an addition, $20000 is still becoming the most crucial level to watch right now. We will entering more downside bearish cycle if the price breaks below current support.
