#Bitcoin testing the 3 months trend line
Key levels
Short term
Supports—> S1: $9,400 & S2: $8,800
Resistances—> R1: $9,800 & R2: $10,900
Medium term
Supports—> S3: $8,000 & S4: $7,400
Resistances—> R3: $12,000 & R4: $13,000
Potential scenario
Bitcoin still finds itself in a bearish channel since it has been making continuous lower maximums since it made its 12 months maximum at almost $14,000. However, the price has been bouncing on the trend line (green line) that BTC started in April. If this line is broken downwards, we can expect further falls to S1 and S2. If it is strong enough, the crypto market is very likely to continue its uptrend.
TA comment
Bitcoin still finds itself in a bearish channel. It has been making continuous lower maximums since it made its 12 months high at almost $14,000. However, the price has been bouncing on the trend line (green line) that BTC started in April. If this line is broken downwards, we can expect further falls to S1 and S2. If it is strong enough, the crypto market is very likely to continue its uptrend.
Pattern
The last fall from $10,000 to the current price, $9,750, was performed with three decreasing candles in a row. This created a pattern called Identical Three Crows, which is a bearish pattern represented by three candles. During an uptrend, the three following candles start decreasing, being their opening price near the close of the prior candle and with similar body sizes.
Short term
Supports—> S1: $9,400 & S2: $8,800
Resistances—> R1: $9,800 & R2: $10,900
Medium term
Supports—> S3: $8,000 & S4: $7,400
Resistances—> R3: $12,000 & R4: $13,000
Potential scenario
Bitcoin still finds itself in a bearish channel since it has been making continuous lower maximums since it made its 12 months maximum at almost $14,000. However, the price has been bouncing on the trend line (green line) that BTC started in April. If this line is broken downwards, we can expect further falls to S1 and S2. If it is strong enough, the crypto market is very likely to continue its uptrend.
TA comment
Bitcoin still finds itself in a bearish channel. It has been making continuous lower maximums since it made its 12 months high at almost $14,000. However, the price has been bouncing on the trend line (green line) that BTC started in April. If this line is broken downwards, we can expect further falls to S1 and S2. If it is strong enough, the crypto market is very likely to continue its uptrend.
Pattern
The last fall from $10,000 to the current price, $9,750, was performed with three decreasing candles in a row. This created a pattern called Identical Three Crows, which is a bearish pattern represented by three candles. During an uptrend, the three following candles start decreasing, being their opening price near the close of the prior candle and with similar body sizes.
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