Hello all, welcome back to our analysis of bitcoin. let's do the chart work.
Looking at the image applied about the technical analysis of bitcoin, we can see that the price is now retesting the strong support around $8000 - $7763 region (white region). I hope that this white region is having a lot of confluence factors that will give a tremendous effect of bitcoin potential bounce in the future.
If we see through the perspective of the break out strategy, current wave down to the down side could be the action of the phase 2 which is retesting the previous broken resistance as a support. Just like what we've seen, since the broken out of the upper line of the down trend channel (which potentially could be a flag in the bullish flag structure in higher time frame), we haven't seen any sign of retesting the previous broken resistance as a support. Usually, whenever the price has touched this level, we will see a consolidation on micro level, where we're hunting for break out of the consolidation in micro level to enter long position.
For now, This is my current bias and as long as the price doesn't break below the current strong support or to close below the upper line of the channel, I'll still expect a potential bounce ahead as the potential touch to the $12900 in the future. My entry point for long position only when I see a break out of the potential micro structure consolidation.
Looking at the image applied about the technical analysis of bitcoin, we can see that the price is now retesting the strong support around $8000 - $7763 region (white region). I hope that this white region is having a lot of confluence factors that will give a tremendous effect of bitcoin potential bounce in the future.
If we see through the perspective of the break out strategy, current wave down to the down side could be the action of the phase 2 which is retesting the previous broken resistance as a support. Just like what we've seen, since the broken out of the upper line of the down trend channel (which potentially could be a flag in the bullish flag structure in higher time frame), we haven't seen any sign of retesting the previous broken resistance as a support. Usually, whenever the price has touched this level, we will see a consolidation on micro level, where we're hunting for break out of the consolidation in micro level to enter long position.
For now, This is my current bias and as long as the price doesn't break below the current strong support or to close below the upper line of the channel, I'll still expect a potential bounce ahead as the potential touch to the $12900 in the future. My entry point for long position only when I see a break out of the potential micro structure consolidation.
