BTC has recovered nicely alongside stock markets after the crash, but now it's facing important levels.
The broken 10-year support line didn't reject the price after pull back at 8500 and Bitcoin kept the trend with no sign of weakness. So I'm ignoring that trend line for now as BTC did.
But we have 10400 level here which Bitcoin has had bigger dump every time after rejection.
Current midhterm bearish line is also broken but you know that even previously we had such a trend and Bitcoin couldn't cross 10400 after breaking it and dumped below it again. Not to mention current one can be considered weaker because it only has 2 pivots and no 3rd has been confirmed for it.
The long-term bearish trend from 20k is currently around 11,500 together with a weakly horizontal resistance, supported by a perfect Bearish Cypher HP.
Having Halving ahead (just few days remaining) and Bitcoin's casual reaction to this event a crash is more considerable.
But we should always consider the opposition, breaking out from this area can push BTC to previous ATH where browsing wedge is also targeting.
And always remember to do your own research before investing.
Good luck...
The broken 10-year support line didn't reject the price after pull back at 8500 and Bitcoin kept the trend with no sign of weakness. So I'm ignoring that trend line for now as BTC did.
But we have 10400 level here which Bitcoin has had bigger dump every time after rejection.
Current midhterm bearish line is also broken but you know that even previously we had such a trend and Bitcoin couldn't cross 10400 after breaking it and dumped below it again. Not to mention current one can be considered weaker because it only has 2 pivots and no 3rd has been confirmed for it.
The long-term bearish trend from 20k is currently around 11,500 together with a weakly horizontal resistance, supported by a perfect Bearish Cypher HP.
Having Halving ahead (just few days remaining) and Bitcoin's casual reaction to this event a crash is more considerable.
But we should always consider the opposition, breaking out from this area can push BTC to previous ATH where browsing wedge is also targeting.
And always remember to do your own research before investing.
Good luck...
My Mid-term plan is not changed.
As explained before, you can see here we have long-term trend at ≈11k and 11.5k level (very strong horizontal resistance).
In short-term if BTC holds 10k (top of new daily range which almost broke today) we can expect it to meet 11k and 11.5k.
Bitcoin's reaction to these levels will decide for next few months.