The BTC thirds and their supports!
-Who will pray the rosary at the end of this BTC fight, “bulls” or “bears”?
-For many months the “crypto” has been at full steam in a downtrend, and has not found the strength, or rather reasons, to end its predominant trend and go back up!
-The above chart pattern suggests that BTC is working on a large “bullish descending wedge”.
-If so, we have a long way to go to the “2nd third” of the descending triangle to find support and go back up.
-According to the triangle plot (descending wedge), the “thirds” supports are: 17.8K, 10.5K and 6.3K.
-It is worth remembering that the first support of the “1st third” at 17.8K was, in parts, respected, as we had prices sambaing above this region for four months until it made its decision and lost support, falling to the region of $15 ,5K. The “1st third” support coincides with the December 2017 top.
-If the figure is taken seriously, we may see prices looking for support in the “2nd third” region, at 10.5K, the region of strong resistance from the “pre-covid” period.
-The quest for the “3rd third”, in my opinion, will only occur if the “fundamentals” of crypto (if any) deteriorate further.
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-For many months the “crypto” has been at full steam in a downtrend, and has not found the strength, or rather reasons, to end its predominant trend and go back up!
-The above chart pattern suggests that BTC is working on a large “bullish descending wedge”.
-If so, we have a long way to go to the “2nd third” of the descending triangle to find support and go back up.
-According to the triangle plot (descending wedge), the “thirds” supports are: 17.8K, 10.5K and 6.3K.
-It is worth remembering that the first support of the “1st third” at 17.8K was, in parts, respected, as we had prices sambaing above this region for four months until it made its decision and lost support, falling to the region of $15 ,5K. The “1st third” support coincides with the December 2017 top.
-If the figure is taken seriously, we may see prices looking for support in the “2nd third” region, at 10.5K, the region of strong resistance from the “pre-covid” period.
-The quest for the “3rd third”, in my opinion, will only occur if the “fundamentals” of crypto (if any) deteriorate further.
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
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