BitcoinLong
BTC Trend Line Support and CME Gap
1. CME Gap @ 9660-9925. We have entered the gap zone, so we should we should continue to drop until it is closed at 9660.
2. Trend line resistance from 2019/2020 highs was broken through on our way to 12k. I believe this will be the proper retest as support we need to move onto to higher price levels. You have to establish a floor (support) before you can climb to the ceiling (resistance).
3. 9650 is a resistance zone from the accumulation we experienced from May-July 2020. This would be a nice retest as support before we continue up.
4. Lastly, and this is more of a longer time period analysis, after the halving the price pumps pretty hard. I wouldn't see Bitcoin reaching pre-halving lows of 6000-8000. If we break under the TL support and CME gap, the next high time-frame support is around 8k...
2. Trend line resistance from 2019/2020 highs was broken through on our way to 12k. I believe this will be the proper retest as support we need to move onto to higher price levels. You have to establish a floor (support) before you can climb to the ceiling (resistance).
3. 9650 is a resistance zone from the accumulation we experienced from May-July 2020. This would be a nice retest as support before we continue up.
4. Lastly, and this is more of a longer time period analysis, after the halving the price pumps pretty hard. I wouldn't see Bitcoin reaching pre-halving lows of 6000-8000. If we break under the TL support and CME gap, the next high time-frame support is around 8k...
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