Despite the fact that
BTCUSD
has fallen 20 percent over the last few weeks. I think the price, at this point, is still bullish and here's why.
As we can see on the chart, we have the green support zone which has been touched. This zone has been resistance on October 25 in 2019, Februari 13 of 2020 and in May and June of this year. This implies that this is a support/resistance zone of significance. What this Also means is that on 27 Juli of 2020, the price has broken the resistance area for the first time in a long period.
Now in technical analysis, one of the basic fundamentals is previous resistance becomes new support which brings us to the price of today. For the first time since October 2019, Bitcoin has made this resistance zone its support. This is extremely bullish because it implies that the price has now broken a barrier and has made its barrier its new foundation.
To summarize: Bitcoin has broken its year long resistance zone and has now confirmed it as its new support which is bullish
BTCUSD
has fallen 20 percent over the last few weeks. I think the price, at this point, is still bullish and here's why. As we can see on the chart, we have the green support zone which has been touched. This zone has been resistance on October 25 in 2019, Februari 13 of 2020 and in May and June of this year. This implies that this is a support/resistance zone of significance. What this Also means is that on 27 Juli of 2020, the price has broken the resistance area for the first time in a long period.
Now in technical analysis, one of the basic fundamentals is previous resistance becomes new support which brings us to the price of today. For the first time since October 2019, Bitcoin has made this resistance zone its support. This is extremely bullish because it implies that the price has now broken a barrier and has made its barrier its new foundation.
To summarize: Bitcoin has broken its year long resistance zone and has now confirmed it as its new support which is bullish