So I try and be positive with my charts as I am a investor and user of bitcoin but from todays_ price action many uncertainties have been raised. The green trend line starting back in September was tested yesterday and also confirmed as support. Bitcoin bounced nicely back above it and the market started looking positive again. Unfortunately this trend line was tested again today and broken. Now the question has arisen where is the next support level for bitcoin to bounce from.
I have marked two possibilities on the chart in gold_. The first level of support I can see is at the 9500 level. We have had two bounces just above it which could be confirming this as support. Unfortunately I don't think there is enough volume to hold this level. This is where my next resistance line shines around the 8000 mark. Last time we hit this level back on February the second we had more volume than the later dip that almost hit 6000. This shows us that there are a lot of potential buyers at the 8000 level. I believe that this is where bitcoin will have a huge bounce out of the downward channel and towards the neckline of this massive inverse head and shoulders pattern.
If we do eventually make it to the neckline of the head and shoulders this would be the biggest run bitcoin has ever had. But first this downward channel needs to be broken out of and the h&s pattern to be completed. Watch how bitcoin reacts to this 9500 resistance line today and if it falls below watch the 8000 level for a bounce and a large spike in volume.
I have marked two possibilities on the chart in gold_. The first level of support I can see is at the 9500 level. We have had two bounces just above it which could be confirming this as support. Unfortunately I don't think there is enough volume to hold this level. This is where my next resistance line shines around the 8000 mark. Last time we hit this level back on February the second we had more volume than the later dip that almost hit 6000. This shows us that there are a lot of potential buyers at the 8000 level. I believe that this is where bitcoin will have a huge bounce out of the downward channel and towards the neckline of this massive inverse head and shoulders pattern.
If we do eventually make it to the neckline of the head and shoulders this would be the biggest run bitcoin has ever had. But first this downward channel needs to be broken out of and the h&s pattern to be completed. Watch how bitcoin reacts to this 9500 resistance line today and if it falls below watch the 8000 level for a bounce and a large spike in volume.
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Continuing to confirm there is some resistance at 9500.
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And its broken :( Updated chart soon