G20 Finance track meeting is on 17-18 March. There is a plan to talk about Bitcoin regulation: https://www.express.co.uk/finance/city/917017/bitcoin-news-latest-regulation-g20-meeting-cryptocurrency-south-korea-india-japan-france
We have formed at 11700$ approximately and compromised the neckline. Even though $8400 holds well, the pattern still holds good which can push the price to $6700. Why $6700? the Long-term is at $6700.
Currently, we are trading below all the major Moving averages, 5 DMA, 20 DMA, 50 DMA,100 DMA which is a sign, a sign is we are trading above the 200 DMA. But, 200DMA level has been compromised in the last few days multiple times, so we cannot take it as good support.
So the conclusion is we are testing $9400 again as of now(the Neckline), unless we break the and close above it, Bitcoin is on SELL on RISE.
More about the pattern: https://www.investopedia.com/university/charts/charts4.asp
Pattern length is around 22% to the top from the neckline and 22% downside is around 7200$, so the and the pattern completion could provide support around $6700-$7200.
The Entire analysis would get invalid when price Daily price close above $9400+.
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*The Neckline was taken decisively.
*With Resistance around 10000-10200 $, once broken, we can reach 11700$ in no time.
* As this is going to be 3rd test, highly possible we would break $11700 and move to $12500
now we are trading between 200 DMA and 4 hrs 200 MA. Interesting. We have to wait for 4 hrs candle to confirm, we are in support zone.
So, $6700-$7200 is imminent
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