$BTC UPDATE: is this support strong enough?
The previous BTC update worked perfectly, the price reached both the first and the second support level and now it has already formed a triple bottom.
However, here the triple bottom is not a particularly bullish signal, considering each peak is formed lower and lower. This factor suggests that the triple bottom is part of the pattern of a triangle with a flat support, where the result is the breaking out of it. Thus, the market can be expected to break through this support if the downward resistance level is broken out.
Despite the factors for the short, the price is very actively reflected from the support of the channel, and this is a quite bullish sign. So, at the moment, while the price is above the level of $7935 the priority of the market is to break out the downward resistance.
Locally, the market should test the resistance. If the test is successful and the rejection of the resistance, the market goes lower.
Globally, the priority is to break out the support of the channel after the resistance test.
If the resistance breaks out, the priority returns to the upward direction and the price can be expected near the levels of $8245 and $8565.
However, here the triple bottom is not a particularly bullish signal, considering each peak is formed lower and lower. This factor suggests that the triple bottom is part of the pattern of a triangle with a flat support, where the result is the breaking out of it. Thus, the market can be expected to break through this support if the downward resistance level is broken out.
Despite the factors for the short, the price is very actively reflected from the support of the channel, and this is a quite bullish sign. So, at the moment, while the price is above the level of $7935 the priority of the market is to break out the downward resistance.
Locally, the market should test the resistance. If the test is successful and the rejection of the resistance, the market goes lower.
Globally, the priority is to break out the support of the channel after the resistance test.
If the resistance breaks out, the priority returns to the upward direction and the price can be expected near the levels of $8245 and $8565.
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Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
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