Hey guys,
It looks like bitcoin is inside an ascending channel - which is bearish. Looking at the recent past, see how both patterns (ascending channel and rising wedge) played out as expected - bearish.
Following are the key levels to watch for:
a. For Bulls : A break above 6855 would be very bullish if we can hold that level.
b. For Bears: Bears would face following support levels:
i. 6425 - 6430 : Bitcoin has bounced 3 times from this support in recent past (4 hour chart).
ii. 6263
iii.If the above 2 levels are broken, the next level to be watching for would be 5700-5800.
Please do your own research and share your views about the analysis.
Love from your friend. ;)
It looks like bitcoin is inside an ascending channel - which is bearish. Looking at the recent past, see how both patterns (ascending channel and rising wedge) played out as expected - bearish.
Following are the key levels to watch for:
a. For Bulls : A break above 6855 would be very bullish if we can hold that level.
b. For Bears: Bears would face following support levels:
i. 6425 - 6430 : Bitcoin has bounced 3 times from this support in recent past (4 hour chart).
ii. 6263
iii.If the above 2 levels are broken, the next level to be watching for would be 5700-5800.
Please do your own research and share your views about the analysis.
Love from your friend. ;)