$17000 can be the bottom before the bull run continuation
Talking about perspective which always be different between one trader to the other. However, trading the market is always about the judgement of individuals which is very subjective. Although we have to be objective as a trader, the judgement of the market will never be objective because the interest between one and another is different.
Bitcoin is now trending close to the white region as the strong area of resistance zone. Several tests has occurred in the past time which now drives the price to enter another accumulation zone which the volume is a lot diminishing comparing a few weeks back. Currently, the price is under a huge bearish pressure with more than 1.2% drop in the last 2 hours. With this drop, we can see that the price is now testing the white support trend line which is moving in alignment with the .236 fibonacci level on this small cycle.
A simple deduction here is that potentially this ascending triangle is in play but once again, the ascending triangle can be a failure too with the price breaks below the support trend line. So, if we see any sign of breaking down the support trend line or the lower line of this ascending triangle, we must expect more downside moves. .382 and .50 fibonacci level can be the shadow support if this occurs and we can expect a small correction on the lower time frame. But, the real support can be at the golden pocket zone which is around $17600 level and the liquidation zone at the $17000 as the round number and almost the .786 fibonacci level. Yes, down side we go!
The $20000 resistance is a strong resistance zone and the price must respects this area whatsoever. This is my opinion here!
Bitcoin is now trending close to the white region as the strong area of resistance zone. Several tests has occurred in the past time which now drives the price to enter another accumulation zone which the volume is a lot diminishing comparing a few weeks back. Currently, the price is under a huge bearish pressure with more than 1.2% drop in the last 2 hours. With this drop, we can see that the price is now testing the white support trend line which is moving in alignment with the .236 fibonacci level on this small cycle.
A simple deduction here is that potentially this ascending triangle is in play but once again, the ascending triangle can be a failure too with the price breaks below the support trend line. So, if we see any sign of breaking down the support trend line or the lower line of this ascending triangle, we must expect more downside moves. .382 and .50 fibonacci level can be the shadow support if this occurs and we can expect a small correction on the lower time frame. But, the real support can be at the golden pocket zone which is around $17600 level and the liquidation zone at the $17000 as the round number and almost the .786 fibonacci level. Yes, down side we go!
The $20000 resistance is a strong resistance zone and the price must respects this area whatsoever. This is my opinion here!
This is the perspective in the lower time frame. Price has already broken down from the previous anticipated support trend line of the ascending triangle and now, it's heading to the .382 fibonacci retracement level (around $18488). This level is a strong liquidation zone during this consolidation moves. I'll expect a potential bounce as a relief rally before continuing to claim lower low at around $17600.